Dubai warned about ICO

Dubai Financial Services Authority (DFSA) has claimed ICOs to be high-risk investments. According to Cointelegraph, financial authority of Dubai warned investors that some type of offerings including internationally-level must be consıdered carefully as they contaın such unique kinds of risks that cannot be easy to show or understand, especially by inexperienced investors who can lose their funds. Warning was issued on the background of the similar regulations by other countries’ agencies including China, Singapore, Canada, Malaysia, the US and UK. Оf note, in contrast to countries allowing cryptocurrencies, DFS has a special status of Dubai International Financial Centre, hosting the launch of a new cryptoken by Farad, a Malaysian company. According to comments from DFSA, it does not currently regulate these types of offerings" and cannot issue license to firms to offer such products or services within the that special economic zone within Dubai.