UAE approves law on crowdfunding activity

  DUBAI – The UAE Cabinet has approved a new law supporting the practice of crowdfunding in public and private sectors. The Cabinet meeting on Monday (March 21) was chaired Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai. Crowdfunding operators, investors and applicants will be able to engage in crowdfunding activities under the newly approved UAE System for Crowdfunding Platform Operators. "It is one of the best means to support the financing of new innovative commercial ideas and support entrepreneurs by financing their ideas," Sheikh Mohammed said. The Securities and Commodities Authority (SCA) will be regulating crowdfunding operations and operators, including licensing requirements, obligations, rights and penalties for violations. Further details about the new system and the rules by SCA have yet to be released. ICA/Expat Media
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