Blockchain Projects List 2020

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Digital Assets Regulatory Framework Report; As digital assets built on blockchain revolutionize the world of Fintech, whether in payments, fundraising, and asset ownership and trading, regulators globally and in the MENA region have had to review their own legal structures and determine an approach towards digital assets and the regulation of these assets.

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As a part of STO LAB MENA’s first initiative, KARM Legal Consultants in collaboration with UK Based Acuity Law and Malta-based LEX Group worked on the comparative Analysis of crypto assets framework across UAE, Bahrain, Malta and United Kingdom.

According to Kokila Alagh, Founder of KARM Legal and the STO LAB MENA, stated, “The STO LAB, which is a ‘one-stop-shop’ for projects aiming at security token issuances, intends to raise more awareness through this publication This report on comparative analysis of crypto assets regulation offers a detailed description of the regulatory regimes in Abu Dhabi Global Market, Central Bank of Bahrain, Malta and the United Kingdom- to evaluate the framework and guidance as well as regulatory processes and responses introduced or adopted by the regulators in this space.”

One of the major points made in the report is the issue of varied terminologies used by different regulatory bodies. As per the report today, there are varieties of terms used often interchangeably to define crypto assets. Crypto asset is widely employed as an umbrella term to refer to digital tokens that are issued and transferred on DLT systems. However, the terms ‘crypto assets’ and ‘tokens’ are colloquially used depending on the context and functionality.

Similarly, the treatment of these assets or tokens by the regulators, vis-à-vis their existing regulations is also a subject of debate and interest. While some regulators have taken a retrofitted approach of fitting in ‘crypto assets’ and ‘tokens’ in their existing financial regulations, some regulators have shown the courage to introduce new regulations altogether.

The report aims to share information on the regulations pertaining to crypto assets in a simplified format that can be easily digested by both laymen and lawmen across the region and globally. It aims to provide start-ups, investors, policymakers, influencers, holders, with the information they can use when looking into digital assets regulations, licenses, and trading.

According to the report, each of these financial regulators has taken a very stringent view with respect to the issuance of security tokens. However, one striking addition under the Malta system relates to rules on ICO (or under Maltese law – Initial VFA Offering). The inclusion of limits and parameters which are in line with an offering of securities position internationally is a significant development in the world of crowdfunding. Furthermore, the inclusion of an authorized VFA agent appears to be in the interest of streamlining the whole process, by working closely with agents who would clearly understand regulatory concerns.

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