Dubai’s Virtual Assets Regulatory Authority (VARA) has halted the unauthorized distribution of Islamic Coin (ISLM) by Bored Gen DMCC, citing a lack of regulatory approval. The move comes shortly after the crypto project received recognition as the blockchain innovation of the year.
Dubai’s Virtual Assets Regulatory Authority (VARA) has intervened to halt the unauthorized distribution and marketing of Islamic Coin (ISLM) by Bored Gen DMCC (BG). VARA, in an alert issued on Oct. 4, asserted that BG lacks the necessary licensing and registration as a virtual assets issuer, thereby violating regional regulations.
VARA has raised concerns about the public sale of the token through a “Regulation D Offering arranged by Opendeal Portal LLC,” suggesting that it may run afoul of Regulation III.A.1. The regulator has emphasized that BG has not obtained the required approvals.
#IslamicCoin has been awarded for Blockchain Innovation of the Year in @entmagazineme’s annual Tech Innovation Awards 2023 in Dubai.
Congratulations to the #ISLM team and our community 🎉 #EntMEAwards pic.twitter.com/cb9Jsmaqgm
— Islamic Coin (@Islamic_Coin) October 3, 2023
This regulatory action comes shortly after BG announced the commencement of ISLM’s sale and distribution, along with the recent recognition of the crypto project as the blockchain innovation of the year. Despite these achievements, VARA suspects that the token’s promoters may have marketed it without proper approval.
VARA is currently investigating the matter and has instructed BG to cease marketing activities until it secures the necessary approvals and introduces appropriate disclaimers.