Regulatory Updates: UAE Finfluencers, Kraken IPO, and SEC Rule Change

The UAE has made significant strides in regulating financial influencers, with 171 registered 'finfluencers' on its Capital Markets Authority (CMA) registry. However, inconsistencies in the registry have been identified, including broken and mismatched social media links, which raise concerns about enforcement quality.

Kraken is expanding its operations, having filed for an initial public offering (IPO) and signed a definitive agreement to acquire Bitnomial, a crypto-native firm with all three CFTC licenses required to operate a fully integrated crypto derivatives business. The deal is valued at up to $550 million.

The Securities and Exchange Commission (SEC) has approved a plan to scrap the Pattern Day Trader rule, which requires a minimum account balance of $25,000 for active traders. Instead, the regulator plans to introduce a new intraday margin system that measures risk in real-time.