BG Takes Remedial Measures
The United Arab Emirates (UAE) digital assets regulator, the Virtual Assets Regulatory Authority (VARA), has announced that Bored Gen DMCC (BG), the issuer of islamic coin, has fully cooperated with its investigation into the token’s issuance and distribution. BG has taken remedial measures, including implementing improved public disclosures to ensure market assurance. However, VARA’s enforcement notice states that the ongoing investigation found “technical non-compliance” and BG still needs to obtain appropriate approvals before distributing islamic coin (ISLM) in Dubai. BG is allowed to continue non-VA activities as long as it engages with VARA and complies with regulatory requirements.
Issuer vs Developer Entity
BG has clarified that it is not the issuer of the token, contrary to VARA’s statement. According to BG, it is a developer entity working on essential components like the Haqq Wallet and Launchpad. The public sale of ISLM occurred on the regulated Republic platform in the US, following regulations for US and non-US investors (Reg D and S respectively). Dubai was explicitly excluded from the sale.
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