Dubai, UAE , November 27, 2023: The Dubai Virtual Assets Regulatory Authority (VARA) issued an alert warning investors and market participants last month over the unauthorized issuance, marketing, and retail distribution of a cryptocurrency called “Islamic Coin” (ISLM) by Bored Gen DMCC (BG).1
According to the VARA alert, BG is not a licensed or registered virtual asset (VA) issuer under the Dubai Virtual Assets Regulation 2023. Therefore, the company’s activities related to ISLM are in violation of the regulation.
The VARA alert also states that the public sale of ISLM through a “Regulation D Offering arranged by Opendeal Portal LLC” may be a potential violation of Regulation III. A. 1.
The VARA is advising investors to exercise caution when dealing with ISLM and to refrain from any transactions involving the token. The regulator is also investigating the matter and will take appropriate action against BG.
VARA said that BG was not a licensed or registered virtual asset (VA) issuer under the Dubai Virtual Assets Regulation 2023.
VARA said it was investigating the matter and would take appropriate action.
- news.bitcoin: https://news.bitcoin.com/dubai-regulator-blocks-the-sale-and-distribution-of-islamic-coin/[↩]
