- SCA launches groundbreaking licensing for digital advisors.
- SCA waives fees for three years.
- New framework targets digital financial influencers.
This initiative seeks to reshape financial regulations in line with the digital economy, aiming to foster market integrity and investor trust.
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SCA Unveils Licensing Framework
The Securities and Commodities Authority (SCA) unveiled a new licensing framework targeting financial influencers in the UAE. This framework focuses on increasing transparency in the digital financial space. Registration fees will be waived for the next three years to encourage compliance.
The SCA, led by CEO Waleed Saeed Al Awadhi, aims to strengthen investor protection while adapting to digital advancements.
“The initiative is explicitly designed to increase transparency and accountability in digital financial communications,”
said Waleed Saeed Al Awadhi, CEO, Securities and Commodities Authority (SCA). This initiative covers influencers discussing regulated financial products, including virtual assets, which might impact crypto content creators.
The announcement is seen as the UAE’s strategic move towards becoming a global financial hub. The focus is on balancing innovation with regulation, covering platforms like social media and blogs. This reflects a growing trend of regulatory bodies adapting to the digital age.
Industry experts suggest potential regulatory and market changes due to this initiative. It represents the UAE’s commitment to maintaining a trusted financial environment, possibly influencing other regions to implement similar frameworks. This might lead to more regulated digital advisory services globally, impacting how financial advice is consumed and provided.
