UAE’s financial regulator, SCA announced that it began its first finfluencer in the area – an innovative regulatory milestone aimed at formalizing and supervising digital economic content. The regulatory authority said that this innovative initiative seeks to create a clear framework for government for people who offer investment analysis, recommendations and financial offers on digital platforms. This initiative is designed to enhance investor protection in the UAE.
Commenting on the initiative, Saeed Al Awadhi, CEO of SCA, said, said,
“The introduction of the Finfluencer’s license is not just a regulatory measure, it is a strategic move to redefine the role of regulatory authorities in the digital economy. Through this initiative, SCA aspires to increase the worldwide reference index of market integrity, transparency and transparency and transparency. dynamics of the financial and investment landscape. “
This initiative comes as part of a package of incentives adopted by SCA to align its regulatory framework with the rapidly changing landscape of digital funding. SCA has resigned from registration, renewal and legal consultation associated with this service for a period of three years. This is in line with the efforts to eliminate government bureaucracy and the promotion of economic innovation within a strong legal and regulatory framework.
The license is available to people who offer financial or investment recommendations on regulated products or entities within the UAE through digital or traditional media. Eligible candidates must register with SCA and comply with all applicable regulatory liabilities, securing higher investor protection standards and enhancing public confidence in local capital markets.
Finfluencer is a person who is registered with SCA to provide financial recommendations for the purchase, sale or possession of a financial product or a virtual asset or to provide recommendations on a financial service or any local resource in the country. This can be done through traditional or modern media channels, such as various written or audio social media platforms, participation in seminars, meetings or forums, blogging, public appearances by any means or statements, opinions or analyzes on the present or future price or price. It also includes people involved in the public through content, optics, advice, recommendations, discussions, information, analyzes, opinions or reports on financial investment or in particular financial products in the country.
This initiative is an integral part of the SCA’s primary strategic vision to raise the position of the UAE as a leading regional and global economic hub. With the embrace of flexible and future regulatory approaches, SCA confirms its commitment to ensuring market integrity, promoting economic education and aligning with international optimal practices in the rapidly evolving digital economic landscape.