Dubai Virtual Asset Regulatory Authority (VARA) announced that Islamic Coin (ISLM) was launched and marketed without the necessary permits.
VARA, which regulates digital assets in Dubai, announced that the coin called Islamic Coin (ISLM) was issued by Bored Gen DMCC (BG). “was exported, marketed and distributed in an unauthorized manner” announced.
According to the statement made by VARA this week, BG is a licensed virtual asset. issuer It violates local regulations because it is not:
Sanctions were imposed against BG for violating the mentioned regulations of VARA, and BG was given distribution of ISLM It was instructed to immediately suspend the issuance of any further ISLM until approval is given by VARA.
The Islamic Coin team announced just a few weeks ago that the sales and distribution of the project had begun. The project team also A few days ago as Islamic Coin They received the Blockchain Innovation of the Year award explained.
According to the statement made by VARA, BG’s target of advertising campaign happened or Investors residing in Dubai who purchased ISLMThey can contact VARA.