UAE Crypto-Asset Regulator: ISLM issuer BG fully cooperated during the investigation and has taken remedial measures

According to the United Arab Emirates' cryptocurrency regulatory agency VARA, the issuer of Islamic Coin (ISLM), Bored Gen DMCC (BG), has cooperated fully in the investigation of the token's issuance, marketing, and distribution processes. It also added that BG has taken "remedial measures, including implementing full public disclosure, to improve market safeguards."

In a recent enforcement notice, the regulatory agency stated that the issue under investigation constituted "technical violations." The notice also stated that BG still needs to "obtain appropriate approvals" before issuing ISLM in the Dubai market and added, "BG can continue to maintain regular cooperation with VARA and fulfill necessary obligations, including fully complying with all applicable regulatory requirements, to continue conducting business operations related to non-virtual asset activities." (Bitcoin.com)