#VARA 's recent update on December 29, 2023, sheds light on the progress regarding the #Islamiccoin investigation initially referenced in their notice about Bored Gen DMCC (BG) on October 4, 2023. BG has committed to implementing a corporate governance plan, aiming to separate its technology arm from its regulated entity.
In line with transparency, Islamic coin, a key player in this scenario, has pledged to furnish regular progress reports to VARA until the full stabilization of the separation plan. To ensure compliance and transparency, BG is willingly subjecting itself to an approval process. This process is designed to obtain VARA's necessary approval concerning the listing of tokens issued or distributed by BG.
Crucially, VARA retains the discretion to evaluate the ongoing need for this approval process. The resolution of this case is considered satisfactory as of now. It reflects a collaborative effort between VARA and BG, emphasizing the commitment to corporate governance and regulatory compliance.
This update provides stakeholders and interested parties with a clear overview of the steps taken and the collaborative approach adopted to address the initial concerns. As the situation stands, VARA's continued discretion in overseeing the process ensures a vigilant and adaptable approach to any evolving needs in the future.