CMA official anticipates launch of legislative system for STO by year end

Yazeed Saleh Aldemaigi Deputy, Strategy & International Affairs, Capital Market Authority

The Capital Market Authority (CMA) is working on the legislative system of security token offerings (STOs) Yazeed Saleh Aldemaigi Deputy, Strategy & International Affairs, CMA, told CNBC Arabia, expecting it to be launched by the end of 2022.

STO applications will be received after the launch, Aldemaigi explained, adding that the system is considered one of the fiscal sector development initiatives.

Keeping pace with the fintech strategy aims at transferring the Kingdom into a financial hub in the sector and attracting giant foreign companies as part of the CMA’s top goals in the capital market and other sectors, Aldemaigi added.

He also stressed the fact that many foreign companies plan to establish and initiate their business activities in the Kingdom, noting that both local and foreign investors will get support.