Financial Technology
07/11/2019
- At the industry level, the CMA has launched an experimental regulatory environment platform (sandbox) to provide a safe environment for experimenting with new ideas or innovations provided by industry or pioneers of ideas that provide the ability to find benefits for the markets of financial products and services and their customers to be tested in a virtual environment according to certain standards. If standards are met, it can be launched in the market.
- At the internal level of the CMA and in the framework of the financial technology adoption, CMA has established a regulatory framework for issuances of the initial crypto assets/ in the capital markets in the UAE. This framework contains provisions on disclosure, minimum investments, investors rating, and trading etc.
- This technology has been adopted at the regional and global level and it covers the best practices and changing trends and the comparison of frameworks and integration models with existing systems.
- In this context, the CMA's vision is based on the fact that innovation and technology have great potential to achieve the following:
- Improving the efficiency of many markets, including bond and sukuk markets.
- Promoting awareness for the benefit of investors and traders in the market.
- Promoting financial inclusion.
Knowing that many new innovations may include some significant challenges and risks. The CMA is trying to maintain a good balance between supporting the innovation and growth while adhering to its main regulatory objectives such as investor protection and financial stability.