What do the UAE ICO plans mean for the Crypto World?

The head of United Arab Emirates Securities & Commodities Authority (ESCA) announced that the UAE plans to allow domestic companies to raise capital from initial coin offerings (ICOs); and that provisional regulations may be in place as early as next year. Speaking at a seminar, Dr. Obaid Saif al-Zaabi, Chief Executive Officer at the ESCA said:
“The board of the Emirates Securities & Commodities Authority has approved considering ICOs as securities. As per our plan we should have r