Dubai Regulator Blocks the Sale and Distribution of Islamic Coin

Dubai’s Virtual Assets Regulatory Authority (VARA) precocious said the institution distributing and selling muslim coin (ISLM) lacks the authorization to bash so. VARA said Bored Gen DMCC indispensable cease selling enactment until it obtains the due approvals. The steps taken by the regulator came conscionable a fewer days aft the crypto task was named the blockchain innovation of the year.

Unauthorized Issuance and Distribution of Islamic Coin

The Dubai integer assets regulator, the Virtual Assets Regulatory Authority (VARA), has alerted investors and marketplace participants to what it describes arsenic “an unauthorized issuance, selling and retail distribution” of muslim coin (ISLM) by Bored Gen DMCC (BG). In an alert issued connected Oct. 4, the regulator insisted that BG is not a licensed oregon registered virtual assets (VA) issuer hence its activities are successful usurpation of the region’s regulations.

VARA besides said the nationalist merchantability of the token done a “Regulation D Offering arranged by Opendeal Portal LLC” whitethorn beryllium a imaginable usurpation of Regulation III.A.1. According to the regulator, BG has not been granted the required support by VARA.

Islamic Coin Marketed Without Approval

The enactment taken by VARA coms conscionable nether a period aft the squad down the crypto task announced the commencement of the merchantability and organisation of ISLM. The steps taken by the regulator besides came conscionable a fewer days aft the crypto task was named the blockchain innovation of the year.

#IslamicCoin has been awarded for Blockchain Innovation of the Year successful @entmagazineme’s yearly Tech Innovation Awards 2023 successful Dubai.

Congratulations to the #ISLM squad and our assemblage #EntMEAwards pic.twitter.com/cb9Jsmaqgm

— Islamic Coin (@Islamic_Coin) October 3, 2023

However, contempt this and different milestones that the crypto task has achieved, the regulator insisted successful its alert that the promoters of the token whitethorn person marketed this without approval. The regulator added:

“VARA are investigating whether determination has been a breach of Administrative Order No. 01/2022 Relating to Regulation of Marketing, Advertising and Promotions Related to Virtual Asset. BG are to cease selling enactment until it obtains the due approvals from VARA and introduces due disclaimers successful transportation with specified marketing.”

VARA added that investors and those who person been targeted by BG should notify the regulator via email.

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