#VARA 's official decision on the #IslamicCoin Project 📄
Update: VARA Investor and Marketplace Alert - Bored Gen DMCC 🚨
16 NOV 2023
Following VARA's notice on 4 October 2023, concerning the enforcement action and ongoing investigation into the issuance, marketing, and distribution of Islamic Coin ( #ISLM ) by Bored Gen DMCC (BG) and its affiliates, investors and market participants are informed that the activities under VARA's investigation have concluded.
BG has actively addressed and facilitated matters identified in the investigation. VARA acknowledges BG's full cooperation during its review and the implementation of remedial measures, including enhanced public disclosures for market assurance. VARA views the investigated matters as primarily technical non-compliance.
BG must obtain VARA's approval before distributing ISLM in the Dubai market. Until approval is granted, domestic market promotion and access facilitation are not permitted. BG can continue non-VA business operations, maintaining regular engagement with VARA and full compliance with regulatory requirements.
Update - 29 December 2023:
Following the conclusion of VARA's investigation into Bored Gen DMCC ("BG") on 04.October.2023, BG will implement a corporate governance plan, separating its technology arm from the regulated entity. BG commits to providing VARA with regular progress reports until the plan is fully stabilized.
BG will undergo an approval process for tokens issued or distributed, seeking VARA's approval as deemed necessary. VARA will evaluate the ongoing need for this process at its discretion.
The case is considered satisfactorily resolved at this time. However, BG can only serve the Dubai market, including ISLM token distribution, after obtaining the necessary license or clearance from VARA.
Disclaimer:
This ALERT notifies the public of Bored Gen DMCC’s regulatory status and is not a substitute for individuals’ due diligence. Seek independent, professional advice for clarity. 🚀
