The Capital Market Authority (CMA) Grants a Financial Technology Experimental permit (FinTech ExPermit) to Wethaq Capital Markets Platform Company to use Distributed Ledger Technology (DLT) to arrange the offering of securities and custody services.
Tuesday, June 09, 2020 at 4:23 PM
Tue Jun 9, 2020 16:23
Based upon the Capital Market Law issued by Royal Decree No. (M/30) dated 2/6/1424H, and reference to the Financial Technology Experimental Permit Instructions issued by CMA in 10/01/2018, which aims to provide a regulatory framework that is conducive for the innovation of Financial Technology (FinTech) in the capital market within the Kingdom. In relation to this, the CMA Board of Commissioners issued its resolution to grant Wethaq Capital Markets Platform Company a Financial Technology Experimental Permit (ExPermit) to use Distributed Ledger Technology (DLT) to arrange the offering of securities and custody services.
Based on this permit, Wethaq Capital Markets Platform Company will utilize Distributed Ledger Technology to arrange the offering of securities (Sukuk as a preliminary stage) to investors, in coordination with the Issuer and the Authorized person (AP) assigned by the Issuer as an Offering Advisor.