Islamic Coin hits regulatory roadblock in Dubai
Dubai's Virtual Assets Regulatory Authority (VARA) has issued an alert to investors, warning that the company distributing and marketing Islamic Coin (ISLM) lacks the necessary regulatory authority.
VARA has directed Bored Gen DMCC (BG), the company behind ISLM, to halt all marketing activities until the appropriate approvals from VARA are secured, and BG introduces necessary disclaimers in connection with its marketing efforts.
Launched in September, Islamic Coin (ISLM) aims to provide a Shariah-compliant alternative to traditional cryptocurrencies. It garnered substantial funding, reaching a total of $400 million, making it one of the largest fundraising efforts in the history of the crypto space.
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
Salaam Gateway