The UAE's Securities and Commodities Authority (SCA), the country's markets regulator, issued a warning to investors against using initial coin offerings amid a sharp decline in the value of cryptocurrencies over the past week. The SCA warned investors against any fundraising done in cryptocurrencies, be it ICOs, initial token offerings, token pre-sale or token crowd-sale, it said in a statement on its website. "SCA reiterated that it does not recognise, regulate, or supervise any ICO presently and that ICO investments are not offered legal or regulatory protection," the authority said.