They reviewed the progress of the 'Projects of the 50'
Government3 weeks ago
The UAE has approved a federal system for crowdfunding platform operators to finance innovative business ideas. The Securities and Commodities Authority will be the regulatory authority for the activity.
Operators from government and private sectors can crowdfund projects, provided they get the necessary permits from the authorities concerned. They have to verify that applicants have a clear work plan.
The system supports the financing of commercial projects, especially small and medium ones.
This came as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, chaired the last Cabinet meeting at Expo 2020 Dubai.
“Crowdfunding is one of the best ways to finance new, innovative business ideas. It will open a door for the youth and entrepreneurs to finance their ideas,” the UAE Vice-President tweeted on Monday.
Crowdfunding is the practice of raising money from a large number of people to fund a project or business.
The strategy covers all technical aspects associated with the regulation of crowdfunding platform operators. This includes definitions; scope of application; operator licensing requirements; operator obligations towards SCA and investors; financing applicant obligations; and the rights of the investor, the operator, and the financing applicant. The strategy also addresses supervision, inspections, and penalties.
ALSO READ:
Sheikh Mohammed said the UAE Cabinet has also approved a new law for cooperative societies, allowing them to be listed in financial markets. This will help them get strategic partners.
New types of cooperatives have been announced as well. These include digital, financial, professional and others. “Cooperatives are a successful economic model that can be bettered,” said Sheikh Mohammed.
sahim@khaleejtimes.com
They reviewed the progress of the 'Projects of the 50'
Government3 weeks ago
Dozens were killed in the blast
Government3 weeks ago
The gesture aims to encourage citizens to practise the profession and help them overcome obstacles
Government3 weeks ago
Decree stipulates that the SEC will be reformed from the following departments, bodies and councils
Government3 weeks ago
Emirati people deserve the best and most efficient government, Sheikh Mohammed says
Government1 month ago
'The UAE is one of the largest donor countries to Afghanistan'
Government1 month ago
Her funeral prayer will be performed today
Government1 month ago
The most prominent of these is the Elite Award, which is given to government entities that score 600 points or more
Government1 month ago