{"id":38553,"date":"2026-03-12T03:30:29","date_gmt":"2026-03-12T03:30:29","guid":{"rendered":"https:\/\/valorisimo.com\/?p=38553"},"modified":"2026-11-10T16:17:11","modified_gmt":"2026-11-10T16:17:11","slug":"ico-vs-ipo","status":"publish","type":"post","link":"https:\/\/valorisimo.com\/fr\/ico-vs-ipo\/","title":{"rendered":"ICO vs IPO en 2026 : diff\u00e9rences, r\u00e8gles aux \u00c9mirats et usages dans l\u2019immobilier"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"38553\" class=\"elementor elementor-38553\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8e21ebc e-con-full vlr-article e-flex e-con e-parent\" data-id=\"8e21ebc\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-e0da6a4 e-con-full vlr-hero e-flex e-con e-parent\" data-id=\"e0da6a4\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-32bd4fa vlr-crumbs-w elementor-widget elementor-widget-text-editor\" data-id=\"32bd4fa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<nav class=\"vlr-crumbs\" aria-label=\"Breadcrumb\"><a href=\"\/fr\/\">Accueil<\/a><span class=\"vlr-sep\" aria-hidden=\"true\">\u203a<\/span><a href=\"\/fr\/category\/dubai-fr\/\">Dubai<\/a><span class=\"vlr-sep\" aria-hidden=\"true\">\u203a<\/span><span aria-current=\"page\">ICO vs IPO<\/span><\/nav>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aff44c5 vlr-pills-w elementor-widget elementor-widget-text-editor\" data-id=\"aff44c5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"vlr-pills\"><span class=\"vlr-tag vlr-tag--gold\">Guide<\/span><span class=\"vlr-tag vlr-tag--blue-outline\">Investissement<\/span><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a33b9c vlr-h1 elementor-widget elementor-widget-heading\" data-id=\"8a33b9c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">ICO vs IPO en 2026 : diff\u00e9rences, r\u00e8gles aux \u00c9mirats et usages dans l\u2019immobilier<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-88a0c07 e-con-full vlr-meta e-flex e-con e-parent\" data-id=\"88a0c07\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e7f4372 elementor-icon-list--layout-inline vlr-meta-list elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"e7f4372\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items elementor-inline-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Publi\u00e9 le 12 mars 2026<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-sync-alt\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M370.72 133.28C339.458 104.008 298.888 87.962 255.848 88c-77.458.068-144.328 53.178-162.791 126.85-1.344 5.363-6.122 9.15-11.651 9.15H24.103c-7.498 0-13.194-6.807-11.807-14.176C33.933 94.924 134.813 8 256 8c66.448 0 126.791 26.136 171.315 68.685L463.03 40.97C478.149 25.851 504 36.559 504 57.941V192c0 13.255-10.745 24-24 24H345.941c-21.382 0-32.09-25.851-16.971-40.971l41.75-41.749zM32 296h134.059c21.382 0 32.09 25.851 16.971 40.971l-41.75 41.75c31.262 29.273 71.835 45.319 114.876 45.28 77.418-.07 144.315-53.144 162.787-126.849 1.344-5.363 6.122-9.15 11.651-9.15h57.304c7.498 0 13.194 6.807 11.807 14.176C478.067 417.076 377.187 504 256 504c-66.448 0-126.791-26.136-171.315-68.685L48.97 471.03C33.851 486.149 8 475.441 8 454.059V320c0-13.255 10.745-24 24-24z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Mis \u00e0 jour le 10 novembre 2026<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">11 min de lecture<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aaff4ff elementor-icon-list--layout-inline vlr-verified elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"aaff4ff\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items elementor-inline-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-far-check-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119.033 8 8 119.033 8 256s111.033 248 248 248 248-111.033 248-248S392.967 8 256 8zm0 48c110.532 0 200 89.451 200 200 0 110.532-89.451 200-200 200-110.532 0-200-89.451-200-200 0-110.532 89.451-200 200-200m140.204 130.267l-22.536-22.718c-4.667-4.705-12.265-4.736-16.97-.068L215.346 303.697l-59.792-60.277c-4.667-4.705-12.265-4.736-16.97-.069l-22.719 22.536c-4.705 4.667-4.736 12.265-.068 16.971l90.781 91.516c4.667 4.705 12.265 4.736 16.97.068l172.589-171.204c4.704-4.668 4.734-12.266.067-16.971z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Donn\u00e9es v\u00e9rifi\u00e9es le 10 nov. 2026<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<section class=\"elementor-element elementor-element-788a828 e-con-full vlr-answer e-flex e-con e-parent\" data-id=\"788a828\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-59a9fdb vlr-tag-h vlr-tag-h--blue elementor-widget elementor-widget-heading\" data-id=\"59a9fdb\" data-element_type=\"widget\" id=\"in-short\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">En bref<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-480325b vlr-answer-text elementor-widget elementor-widget-text-editor\" data-id=\"480325b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-answer-p\">Une <strong>ICO<\/strong> vend des jetons num\u00e9riques, souvent contre des cryptomonnaies, pour financer un projet ; une <strong>IPO<\/strong> vend pour la premi\u00e8re fois des actions d\u2019une entreprise \u00e9tablie sur une bourse r\u00e9glement\u00e9e. Aux \u00c9mirats, les \u00e9missions de jetons rel\u00e8vent \u00e0 Dubai de la VARA, dont le rulebook en vigueur depuis le <strong>19 juin 2025<\/strong> impose une licence pour les jetons adoss\u00e9s \u00e0 un actif. Les IPO sur le DFM et l\u2019ADX rel\u00e8vent de la Capital Market Authority depuis le 1er janvier 2026. En 2025, trois IPO \u00e9miraties ont lev\u00e9 <strong>1,1 milliard $<\/strong>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1054e2a vlr-answer-src-w elementor-widget elementor-widget-text-editor\" data-id=\"1054e2a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-answer-src\">VARA, Virtual Asset Issuance Rulebook, 19 juin 2025 \u00b7 Capital Market Authority, 2026 \u00b7 The National (Dealogic), 11 octobre et 4 novembre 2026<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t<section class=\"elementor-element elementor-element-ed82a2b e-con-full vlr-figs vlr-figs--3 e-flex e-con e-parent\" data-id=\"ed82a2b\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-8ea293f e-con-full vlr-tile e-flex e-con e-parent\" data-id=\"8ea293f\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e5aee40 vlr-tile-text elementor-widget elementor-widget-text-editor\" data-id=\"e5aee40\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-stat vlr-stat--blue\"><span class=\"vlr-stat-v\">1,1 Md $<\/span><span class=\"vlr-stat-u\">lev\u00e9s par 3 IPO<\/span><\/p><p class=\"vlr-stat-cap\">Introductions en bourse aux \u00c9mirats en 2025<\/p><p class=\"vlr-stat-src\">Source : Dealogic via The National, 11 oct. 2026<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4e616d6 e-con-full vlr-tile e-flex e-con e-parent\" data-id=\"4e616d6\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5d734f2 vlr-tile-text elementor-widget elementor-widget-text-editor\" data-id=\"5d734f2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-stat vlr-stat--blue\"><span class=\"vlr-stat-v\">529 M$<\/span><span class=\"vlr-stat-u\">premi\u00e8re IPO de 2026<\/span><\/p><p class=\"vlr-stat-cap\">DIP Holding, souscription close le 3 novembre 2026<\/p><p class=\"vlr-stat-src\">Source : The National, 4 nov. 2026<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9bbc365 e-con-full vlr-tile e-flex e-con e-parent\" data-id=\"9bbc365\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ac80306 vlr-tile-text elementor-widget elementor-widget-text-editor\" data-id=\"ac80306\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-stat vlr-stat--blue\"><span class=\"vlr-stat-v\">19 juin 2025<\/span><span class=\"vlr-stat-u\">rulebook VARA en vigueur<\/span><\/p><p class=\"vlr-stat-cap\">R\u00e8gles d\u2019\u00e9mission de jetons \u00e0 Dubai<\/p><p class=\"vlr-stat-src\">Source : VARA, Virtual Asset Issuance Rulebook<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-2f748cc e-con-full vlr-hero-fig e-flex e-con e-parent\" data-id=\"2f748cc\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-691188a vlr-hero-img elementor-widget elementor-widget-image\" data-id=\"691188a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1000\" height=\"563\" src=\"https:\/\/valorisimo.com\/wp-content\/uploads\/2026\/03\/business-bay-in-dubai.webp\" class=\"attachment-full size-full wp-image-38556\" alt=\"Dubai rental yield 2026\" srcset=\"https:\/\/valorisimo.com\/wp-content\/uploads\/2026\/03\/business-bay-in-dubai.webp 1000w, https:\/\/valorisimo.com\/wp-content\/uploads\/2026\/03\/business-bay-in-dubai-300x169.webp 300w, https:\/\/valorisimo.com\/wp-content\/uploads\/2026\/03\/business-bay-in-dubai-768x432.webp 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a75610b vlr-hero-cap-w elementor-widget elementor-widget-text-editor\" data-id=\"a75610b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-hero-cap\"><span>\u00c0 Dubai, jetons et actions rel\u00e8vent de r\u00e9gulateurs diff\u00e9rents.<\/span><span>Photo : \u00a9 VALORISIMO<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b841656 e-con-full vlr-body-row e-flex e-con e-parent\" data-id=\"b841656\" data-element_type=\"container\">\n\t\t<aside class=\"elementor-element elementor-element-7010f8e e-con-full vlr-aside elementor-hidden-mobile elementor-hidden-tablet e-flex e-con e-parent\" data-id=\"7010f8e\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e617c3d vlr-aside-label-w elementor-widget elementor-widget-text-editor\" data-id=\"e617c3d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-aside-label\">Dans cet article<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e73671e vlr-toc elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"e73671e\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s1\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Qu\u2019est-ce qu\u2019une ICO<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s2\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Qu\u2019est-ce qu\u2019une IPO<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s3\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Tableau comparatif<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s4\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">ICO \u00e0 Dubai<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s5\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">IPO aux \u00c9mirats<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s6\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">March\u00e9 2025\u20132026<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s7\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Immobilier<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s8\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">S\u00e9curiser<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#faq\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">FAQ<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-06f7180 vlr-aside-upd-w elementor-widget elementor-widget-text-editor\" data-id=\"06f7180\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-aside-upd\">Mis \u00e0 jour le <time>10 novembre 2026<\/time><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/aside>\n\t\t<div class=\"elementor-element elementor-element-6430c21 e-con-full vlr-main e-flex e-con e-parent\" data-id=\"6430c21\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2807b9e elementor-hidden-desktop vlr-toc-m elementor-widget elementor-widget-n-accordion\" data-id=\"2807b9e\" data-element_type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-4190\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-4190\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> In this article \u00b7 9 sections <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-4190\" class=\"elementor-element elementor-element-4c5d60a e-con-full e-flex e-con e-child\" data-id=\"4c5d60a\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c9fea71 vlr-toc vlr-toc--m elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"c9fea71\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s1\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Qu\u2019est-ce qu\u2019une ICO<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s2\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Qu\u2019est-ce qu\u2019une IPO<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s3\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Tableau comparatif<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s4\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">ICO \u00e0 Dubai<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s5\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">IPO aux \u00c9mirats<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s6\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">March\u00e9 2025\u20132026<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s7\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Immobilier<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#s8\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">S\u00e9curiser<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#faq\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">FAQ<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<section class=\"elementor-element elementor-element-fb76bc3 e-con-full vlr-sec e-flex e-con e-parent\" data-id=\"fb76bc3\" data-element_type=\"container\" id=\"s1\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7131b77 vlr-h2 elementor-widget elementor-widget-heading\" data-id=\"7131b77\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Qu\u2019est-ce qu\u2019une ICO et comment fonctionne-t-elle ?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f4d257d elementor-widget elementor-widget-text-editor\" data-id=\"f4d257d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-lead\">Une ICO, pour \u00ab Initial Coin Offering \u00bb, est une lev\u00e9e de fonds o\u00f9 un projet vend directement au public des jetons num\u00e9riques cr\u00e9\u00e9s sur une blockchain.<\/p><p>L\u2019\u00e9metteur publie un livre blanc (whitepaper) qui d\u00e9crit le projet, la quantit\u00e9 de jetons, leur usage et le calendrier. Les investisseurs paient, souvent en cryptomonnaies, et re\u00e7oivent des jetons dans leur portefeuille num\u00e9rique. Selon les cas, le jeton sert \u00e0 utiliser un service (jeton utilitaire), repr\u00e9sente un droit \u00e9conomique sur un actif (jeton adoss\u00e9 \u00e0 un actif) ou ne donne aucun droit particulier en dehors de sa valeur de march\u00e9.<\/p><h3>Les principes de base<\/h3>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dcfc98c vlr-checks elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"dcfc98c\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Pas d\u2019actions.<\/strong> Le d\u00e9tenteur d\u2019un jeton n\u2019est en g\u00e9n\u00e9ral pas actionnaire : ses droits sont ceux que d\u00e9finit le jeton, et seulement eux.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Un acc\u00e8s large.<\/strong> Les tickets d\u2019entr\u00e9e sont faibles et l\u2019offre peut viser des investisseurs de nombreux pays, dans la limite des r\u00e8gles locales.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Des interm\u00e9diaires moins nombreux.<\/strong> Pas de banque introductrice ni de bourse : la plateforme et les smart contracts font l\u2019essentiel du travail.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Un encadrement variable.<\/strong> Les obligations d\u2019information d\u00e9pendent du pays et de la cat\u00e9gorie de jeton ; certaines \u00e9missions ne sont approuv\u00e9es par aucun r\u00e9gulateur.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6b37a66 elementor-widget elementor-widget-text-editor\" data-id=\"6b37a66\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3>Avantages et inconv\u00e9nients pour l\u2019investisseur<\/h3><p>L\u2019ICO donne acc\u00e8s tr\u00e8s t\u00f4t \u00e0 un projet, avec un potentiel de gain \u00e9lev\u00e9 si celui-ci r\u00e9ussit. En contrepartie, beaucoup de projets n\u2019aboutissent pas, la valeur des jetons est tr\u00e8s volatile et l\u2019information disponible est souvent bien plus mince qu\u2019un prospectus boursier. Aux \u00c9mirats, ce d\u00e9s\u00e9quilibre explique que les autorit\u00e9s aient construit un cadre sp\u00e9cifique, d\u00e9taill\u00e9 plus bas.<\/p><h3>Le cas de l\u2019immobilier<\/h3><p>Dans l\u2019immobilier, l\u2019\u00e9quivalent le plus proche d\u2019une ICO est la tokenisation : un bien est d\u00e9coup\u00e9 en jetons qui donnent droit \u00e0 une part de ses loyers et de sa valeur. Dubai teste ce mod\u00e8le depuis 2025 avec le Dubai Land Department, dans un cadre tr\u00e8s diff\u00e9rent d\u2019une ICO classique ; nous l\u2019expliquons dans notre guide de la <a href=\"\/fr\/tokenisation-immobiliere-definition-et-fonctionnement\/\">tokenisation immobili\u00e8re \u00e0 Dubai<\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t<section class=\"elementor-element elementor-element-82e2c5e e-con-full vlr-sec e-flex e-con e-parent\" data-id=\"82e2c5e\" data-element_type=\"container\" id=\"s2\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3423854 vlr-h2 elementor-widget elementor-widget-heading\" data-id=\"3423854\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Qu\u2019est-ce qu\u2019une IPO et quelles sont ses \u00e9tapes ?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-099fd8e elementor-widget elementor-widget-text-editor\" data-id=\"099fd8e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-lead\">Une IPO, pour \u00ab Initial Public Offering \u00bb, est la premi\u00e8re vente d\u2019actions d\u2019une entreprise au public, suivie de leur cotation sur une bourse.<\/p><p>L\u2019investisseur devient actionnaire : il d\u00e9tient une part du capital, peut percevoir des dividendes et voter en assembl\u00e9e g\u00e9n\u00e9rale. En contrepartie, l\u2019entreprise accepte des obligations lourdes : comptes audit\u00e9s, prospectus approuv\u00e9 par le r\u00e9gulateur, publication r\u00e9guli\u00e8re d\u2019informations et r\u00e8gles de gouvernance.<\/p><h3>Les \u00e9tapes d\u2019une introduction en bourse<\/h3>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3995771 vlr-checks elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"3995771\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Pr\u00e9paration.<\/strong> Audit financier, mise en conformit\u00e9 juridique, choix des banques et de la bourse.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Prospectus.<\/strong> Document approuv\u00e9 par le r\u00e9gulateur, qui d\u00e9crit l\u2019activit\u00e9, les risques, l\u2019usage des fonds et la politique de dividende.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Fourchette de prix et souscription.<\/strong> Les investisseurs institutionnels et particuliers passent leurs ordres pendant une p\u00e9riode fix\u00e9e.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Fixation du prix et allocation.<\/strong> Le prix final est arr\u00eat\u00e9 dans la fourchette, puis les actions sont r\u00e9parties et les exc\u00e9dents rembours\u00e9s.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Cotation.<\/strong> Les actions commencent \u00e0 se n\u00e9gocier en bourse.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a0b94e elementor-widget elementor-widget-text-editor\" data-id=\"3a0b94e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3>Un exemple r\u00e9cent \u00e0 Dubai : DIP Holding<\/h3><p>La premi\u00e8re IPO \u00e9miratie de 2026 illustre ce calendrier. Dubai Investments a c\u00e9d\u00e9 20 % de sa filiale DIP Holding, qui exploite Dubai Investments Park, un quartier mixte proche de l\u2019a\u00e9roport Al Maktoum et du port de Jebel Ali, avec environ 1 000 locataires, 5 700 sous-locataires et plus de 150 000 r\u00e9sidents (The National, 4 novembre 2026).<\/p><div class=\"vlr-table-wrap\"><table class=\"vlr-table\"><thead><tr><th>\u00c9tape<\/th><th>Dates<\/th><th>Chiffres<\/th><\/tr><\/thead><tbody><tr><th>Annonce de l\u2019intention de cotation<\/th><td>19 octobre 2026<\/td><td>Cession de 20 % de DIP Holding par Dubai Investments<\/td><\/tr><tr><th>P\u00e9riode de souscription<\/th><td>27 octobre au 3 novembre 2026<\/td><td>Fourchette de 1,10 \u00e0 1,15 AED par action ; 1,74 milliard d\u2019actions offertes<\/td><\/tr><tr><th>Fixation du prix<\/th><td>4 novembre 2026<\/td><td>1,12 AED par action ; 1,9 milliard AED (529 M$) lev\u00e9s<\/td><\/tr><tr><th>Allocation et remboursements<\/th><td>10 novembre 2026<\/td><td>Allocations finales aux souscripteurs<\/td><\/tr><tr><th>Cotation<\/th><td>11 novembre 2026 (pr\u00e9vue)<\/td><td>Capitalisation implicite de 9,7 milliards AED ; rendement du dividende attendu d\u2019environ 7,5 %<\/td><\/tr><\/tbody><\/table><\/div><p class=\"vlr-figcap\">Source : The National, 19 octobre, 27 octobre et 4 novembre 2026.<\/p><p>Le carnet d\u2019ordres a \u00e9t\u00e9 couvert plusieurs fois sur toute la fourchette de prix, selon The National, qui ne pr\u00e9cise pas le montant total demand\u00e9. Pour un investisseur immobilier, l\u2019int\u00e9r\u00eat de ce cas est clair : une IPO peut donner une exposition \u00e0 un actif foncier de grande taille, avec la liquidit\u00e9 d\u2019une action cot\u00e9e.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t<section class=\"elementor-element elementor-element-f640ad4 e-con-full vlr-sec e-flex e-con e-parent\" data-id=\"f640ad4\" data-element_type=\"container\" id=\"s3\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a78839c vlr-h2 elementor-widget elementor-widget-heading\" data-id=\"a78839c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">ICO vs IPO : quelles sont les principales diff\u00e9rences ?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f9c05f elementor-widget elementor-widget-text-editor\" data-id=\"5f9c05f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-lead\">La diff\u00e9rence de fond tient en une phrase : l\u2019IPO vend une part d\u2019entreprise sous contr\u00f4le strict d\u2019un r\u00e9gulateur boursier, l\u2019ICO vend un jeton dont les droits et l\u2019encadrement varient fortement.<\/p><div class=\"vlr-table-wrap\"><table class=\"vlr-table\"><thead><tr><th>Crit\u00e8re<\/th><th>ICO (\u00e9mission de jetons)<\/th><th>IPO (introduction en bourse)<\/th><\/tr><\/thead><tbody><tr><th>Ce que vous achetez<\/th><td>Un jeton num\u00e9rique (token) aux droits d\u00e9finis par l\u2019\u00e9metteur<\/td><td>Une action : part du capital, droit aux dividendes et au vote<\/td><\/tr><tr><th>Paiement<\/th><td>Souvent en cryptomonnaies, parfois en monnaie fiat<\/td><td>En monnaie fiat via un courtier ou une banque<\/td><\/tr><tr><th>R\u00e9gulateur \u00e0 Dubai \/ aux \u00c9mirats<\/th><td>VARA pour Dubai (hors DIFC), FSRA \u00e0 l\u2019ADGM, DFSA au DIFC<\/td><td>Capital Market Authority (ex-SCA) pour DFM et ADX depuis 2026<\/td><\/tr><tr><th>Document d\u2019information<\/th><td>Livre blanc (whitepaper), contenu variable selon la cat\u00e9gorie<\/td><td>Prospectus approuv\u00e9, \u00e9tats financiers audit\u00e9s<\/td><\/tr><tr><th>Maturit\u00e9 de l\u2019\u00e9metteur<\/th><td>Souvent un projet en phase de d\u00e9marrage<\/td><td>Entreprise \u00e9tablie, avec historique de r\u00e9sultats<\/td><\/tr><tr><th>Liquidit\u00e9<\/th><td>D\u00e9pend des plateformes qui acceptent le jeton<\/td><td>Cotation continue sur un march\u00e9 r\u00e9glement\u00e9<\/td><\/tr><tr><th>Risque<\/th><td>\u00c9lev\u00e9 : volatilit\u00e9, \u00e9chec du projet, fraude<\/td><td>Mod\u00e9r\u00e9 \u00e0 \u00e9lev\u00e9 : risque de march\u00e9 et de valorisation<\/td><\/tr><tr><th>Usage dans l\u2019immobilier<\/th><td>Tokenisation de biens ou de loyers<\/td><td>Cotation de fonci\u00e8res, de promoteurs ou de REIT<\/td><\/tr><\/tbody><\/table><\/div><p class=\"vlr-figcap\">Synth\u00e8se Valorisimo \u00e0 partir du VARA Virtual Asset Issuance Rulebook (version du 19 juin 2025) et du site de la Capital Market Authority (consult\u00e9 le 10 novembre 2026).<\/p><h3>R\u00e9gulation et protection de l\u2019investisseur<\/h3><p>Une IPO passe obligatoirement par un r\u00e9gulateur boursier et un prospectus approuv\u00e9. Une ICO peut, selon la cat\u00e9gorie, exiger une licence compl\u00e8te ou seulement un distributeur agr\u00e9\u00e9, sans aucune approbation du jeton lui-m\u00eame. La protection de l\u2019investisseur est donc, en r\u00e8gle g\u00e9n\u00e9rale, plus \u00e9lev\u00e9e dans une IPO.<\/p><h3>Accessibilit\u00e9 et profil des investisseurs<\/h3><p>Les ICO attirent surtout des investisseurs familiers des cryptomonnaies, avec de petits tickets. Les IPO m\u00ealent investisseurs institutionnels et particuliers, qui passent en g\u00e9n\u00e9ral par un courtier ou une banque. \u00c0 Dubai, l\u2019offre de DIP Holding pr\u00e9voyait des allocations aux souscripteurs individuels ainsi qu\u2019aux salari\u00e9s et actionnaires \u00e9ligibles de Dubai Investments.<\/p><h3>Risque et potentiel de rendement<\/h3><p>Un jeton \u00e9mis par un projet naissant peut tout perdre ou se multiplier ; une action d\u2019entreprise \u00e9tablie \u00e9volue g\u00e9n\u00e9ralement dans une fourchette plus \u00e9troite et peut verser un dividende, comme les 7,5 % de rendement attendus sur le prix d\u2019introduction de DIP Holding. Aucun des deux n\u2019est garanti.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t<section class=\"elementor-element elementor-element-94fc88e e-con-full vlr-sec e-flex e-con e-parent\" data-id=\"94fc88e\" data-element_type=\"container\" id=\"s4\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c062393 vlr-h2 elementor-widget elementor-widget-heading\" data-id=\"c062393\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Comment les ICO et \u00e9missions de jetons sont-elles encadr\u00e9es \u00e0 Dubai ?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e30d7ab elementor-widget elementor-widget-text-editor\" data-id=\"e30d7ab\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-lead\">\u00c0 Dubai, \u00e9mettre des jetons est une activit\u00e9 r\u00e9glement\u00e9e par la Virtual Assets Regulatory Authority (VARA), selon trois cat\u00e9gories.<\/p><p>La VARA se pr\u00e9sente comme l\u2019autorit\u00e9 unique de r\u00e9gulation des actifs virtuels dans les zones franches et sur le continent \u00e0 Dubai. Son r\u00e8glement de base, les \u00ab Virtual Assets and Related Activities Regulations 2023 \u00bb, a \u00e9t\u00e9 publi\u00e9 le 7 f\u00e9vrier 2023. L\u2019\u00e9mission de jetons rel\u00e8ve du \u00ab Virtual Asset Issuance Rulebook \u00bb, mis \u00e0 jour quatre fois depuis sa premi\u00e8re version ; la version actuelle est en vigueur depuis le 19 juin 2025.<\/p><div class=\"vlr-table-wrap\"><table class=\"vlr-table\"><thead><tr><th>Cat\u00e9gorie d\u2019\u00e9mission<\/th><th>Exemples<\/th><th>Ce qu\u2019exige la VARA<\/th><\/tr><\/thead><tbody><tr><th>Cat\u00e9gorie 1<\/th><td>Jetons adoss\u00e9s \u00e0 une monnaie fiat (FRVA), jetons adoss\u00e9s \u00e0 un actif (ARVA), autres actifs d\u00e9sign\u00e9s<\/td><td>Licence VARA avant toute \u00e9mission ; r\u00e8gles sp\u00e9cifiques aux annexes 1 et 2<\/td><\/tr><tr><th>Cat\u00e9gorie 2<\/th><td>Tout autre actif virtuel<\/td><td>Pas de licence d\u2019\u00e9mission, mais placement et distribution obligatoirement par un distributeur agr\u00e9\u00e9 ; aucune approbation de la VARA<\/td><\/tr><tr><th>Exempt\u00e9s<\/th><td>Jetons non transf\u00e9rables, jetons ferm\u00e9s remboursables<\/td><td>Aucune exigence pr\u00e9alable<\/td><\/tr><\/tbody><\/table><\/div><p class=\"vlr-figcap\">Source : VARA, Virtual Asset Issuance Rulebook, Part I.C, I.D et I.E, version en vigueur depuis le 19 juin 2025 (versions ant\u00e9rieures : 7 f\u00e9vrier 2023, 19 septembre 2023, 1er octobre 2024).<\/p><h3>Ce que cela signifie concr\u00e8tement<\/h3><p>Pour la cat\u00e9gorie 1, la r\u00e8gle est nette : aucune entit\u00e9 de l\u2019\u00e9mirat ne peut proc\u00e9der \u00e0 une \u00e9mission de cat\u00e9gorie 1 sans licence VARA sp\u00e9cifique, et la VARA peut retirer cette licence si elle a \u00e9t\u00e9 obtenue par des d\u00e9clarations fausses ou trompeuses, y compris dans le livre blanc. Pour la cat\u00e9gorie 2, il n\u2019y a pas d\u2019approbation pr\u00e9alable, mais le distributeur agr\u00e9\u00e9 doit s\u2019assurer que l\u2019\u00e9metteur respecte le rulebook. Le texte pr\u00e9cise qu\u2019aucun actif virtuel de cat\u00e9gorie 2 n\u2019est r\u00e9put\u00e9 approuv\u00e9 par la VARA : la mention \u00ab \u00e9mis \u00e0 Dubai \u00bb ne vaut donc pas label de qualit\u00e9.<\/p><h3>Les autres juridictions des \u00c9mirats<\/h3><p>Les centres financiers internationaux disposent de leurs propres r\u00e9gulateurs : la DFSA au DIFC \u00e0 Dubai et la FSRA \u00e0 l\u2019ADGM \u00e0 Abu Dhabi. Au niveau f\u00e9d\u00e9ral, la Capital Market Authority a annonc\u00e9 le 13 avril 2026 un cadre de r\u00e9gulation des actifs virtuels en cinq modules couvrant huit activit\u00e9s r\u00e9glement\u00e9es. Avant toute souscription, v\u00e9rifiez quel r\u00e9gulateur couvre la plateforme et le jeton.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t<section class=\"elementor-element elementor-element-bfceb50 e-con-full vlr-sec e-flex e-con e-parent\" data-id=\"bfceb50\" data-element_type=\"container\" id=\"s5\">\n\t\t\t\t<div class=\"elementor-element elementor-element-60650f0 vlr-h2 elementor-widget elementor-widget-heading\" data-id=\"60650f0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Comment les IPO sont-elles encadr\u00e9es aux \u00c9mirats arabes unis ?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5661d00 elementor-widget elementor-widget-text-editor\" data-id=\"5661d00\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-lead\">Les introductions sur le Dubai Financial Market (DFM) et l\u2019Abu Dhabi Securities Exchange (ADX) rel\u00e8vent du r\u00e9gulateur f\u00e9d\u00e9ral des march\u00e9s, rebaptis\u00e9 en 2026.<\/p><p>Depuis le 1er janvier 2026, les d\u00e9crets-lois f\u00e9d\u00e9raux n\u00b0 32 et n\u00b0 33 de 2025 encadrent le secteur des march\u00e9s de capitaux et ont renomm\u00e9 la Securities and Commodities Authority (SCA) en <strong>Capital Market Authority (CMA)<\/strong>. Selon la CMA, ces textes introduisent de nouvelles activit\u00e9s financi\u00e8res r\u00e9glement\u00e9es, renforcent ses pouvoirs de supervision, organisent le fonds de protection des investisseurs et le fonds de garantie du r\u00e8glement, et lui confient la d\u00e9signation des acteurs d\u2019importance syst\u00e9mique.<\/p><h3>Les soci\u00e9t\u00e9s cot\u00e9es sous surveillance<\/h3><p>La CMA tient les listes des soci\u00e9t\u00e9s agr\u00e9\u00e9es et enregistr\u00e9es, supervise les soci\u00e9t\u00e9s anonymes publiques (PJSC), leurs modifications de statuts, fusions et acquisitions, et fixe les r\u00e8gles de gouvernance, de protection des minoritaires et de lutte contre le blanchiment. Elle publie aussi les avis de march\u00e9 : le 3 mars 2026, elle annon\u00e7ait la reprise des cotations le mercredi 4 mars 2026.<\/p><h3>DIFC et ADGM<\/h3><p>Les entreprises peuvent aussi se coter sur les march\u00e9s des centres financiers, sous la supervision de leurs r\u00e9gulateurs propres. Pour un particulier, la diff\u00e9rence se voit surtout dans le prospectus, la devise de cotation et l\u2019acc\u00e8s via son courtier.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t<section class=\"elementor-element elementor-element-4bc98cc e-con-full vlr-sec e-flex e-con e-parent\" data-id=\"4bc98cc\" data-element_type=\"container\" id=\"s6\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2042ed7 vlr-h2 elementor-widget elementor-widget-heading\" data-id=\"2042ed7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">O\u00f9 en est le march\u00e9 des IPO aux \u00c9mirats en 2026 ?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-feaabb4 elementor-widget elementor-widget-text-editor\" data-id=\"feaabb4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-lead\">Apr\u00e8s une ann\u00e9e 2025 modeste, le march\u00e9 \u00e9mirati n\u2019a rouvert qu\u2019en novembre 2026, avec la cotation de DIP Holding.<\/p><p>Selon les donn\u00e9es Dealogic cit\u00e9es par The National, les entreprises \u00e9miraties ont lev\u00e9 1,1 milliard $ via trois IPO en 2025, tandis que le Moyen-Orient dans son ensemble a lev\u00e9 7,1 milliards $ en 61 cotations, contre 13 milliards $ l\u2019ann\u00e9e pr\u00e9c\u00e9dente. En 2025, Dubizzle Group, propri\u00e9taire de Bayut et de Dubizzle, avait annonc\u00e9 le 13 octobre la mise en bourse de 30 % de son capital \u00e0 Dubai, avant de reporter l\u2019op\u00e9ration le 22 octobre.<\/p><div class=\"vlr-table-wrap\"><table class=\"vlr-table\"><thead><tr><th>Indicateur<\/th><th>Valeur<\/th><th>Source<\/th><\/tr><\/thead><tbody><tr><th>IPO aux \u00c9mirats en 2025<\/th><td>3 op\u00e9rations, 1,1 milliard $ lev\u00e9s<\/td><td>Dealogic via The National, 11 octobre 2026<\/td><\/tr><tr><th>IPO au Moyen-Orient en 2025<\/th><td>61 cotations, 7,1 milliards $<\/td><td>Dealogic via The National, 4 novembre 2026<\/td><\/tr><tr><th>IPO au Moyen-Orient en 2024<\/th><td>13 milliards $<\/td><td>Dealogic via The National, 4 novembre 2026<\/td><\/tr><tr><th>IPO aux \u00c9mirats en 2026 jusqu\u2019\u00e0 fin octobre<\/th><td>Aucune<\/td><td>The National, 11 octobre 2026<\/td><\/tr><tr><th>Premi\u00e8re IPO \u00e9miratie de 2026<\/th><td>DIP Holding sur le DFM, 529 M$<\/td><td>The National, 4 novembre 2026<\/td><\/tr><tr><th>Pilote de tokenisation immobili\u00e8re du DLD<\/th><td>Plus de 18,5 M AED investis<\/td><td>Gulf News, 10 f\u00e9vrier 2026<\/td><\/tr><\/tbody><\/table><\/div><p class=\"vlr-figcap\">Sources : The National, 11 octobre et 4 novembre 2026 (donn\u00e9es Dealogic) ; Gulf News, 10 f\u00e9vrier 2026.<\/p><h3>L\u2019effet de la guerre r\u00e9gionale<\/h3><p>The National rapporte que la guerre avec l\u2019Iran, d\u00e9clench\u00e9e le 28 f\u00e9vrier 2026, a perturb\u00e9 le march\u00e9 : les hostilit\u00e9s ont cess\u00e9 d\u00e9but avril, mais la paix repose sur un cessez-le-feu fragile, et aucune IPO n\u2019avait eu lieu aux \u00c9mirats \u00e0 la mi-octobre. Dan Simkowitz, co-pr\u00e9sident de Morgan Stanley, estimait le 11 octobre 2026 que le conflit cr\u00e9e \u00ab une prime de risque plus \u00e9lev\u00e9e et temporaire \u00bb et anticipait un rebond des introductions une fois la situation stabilis\u00e9e.<\/p><p>Pour l\u2019immobilier, ce contexte compte : le prix au pied carr\u00e9 des ventes enregistr\u00e9es au DLD est pass\u00e9 de 1 824 AED en avril \u00e0 1 639 AED en octobre 2026 (DXBinteract), et l\u2019app\u00e9tit pour les nouvelles cotations du secteur d\u00e9pendra de cette trajectoire. Notre <a href=\"\/fr\/indice-immobilier-dubai\/\">indice immobilier de Dubai<\/a> suit cette \u00e9volution.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t<section class=\"elementor-element elementor-element-1e17fa7 e-con-full vlr-sec e-flex e-con e-parent\" data-id=\"1e17fa7\" data-element_type=\"container\" id=\"s7\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0f6ffa3 vlr-h2 elementor-widget elementor-widget-heading\" data-id=\"0f6ffa3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">ICO ou IPO : quel choix pour un investisseur immobilier \u00e0 Dubai ?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f8c943 elementor-widget elementor-widget-text-editor\" data-id=\"2f8c943\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-lead\">Pour s\u2019exposer \u00e0 l\u2019immobilier de Dubai, vous avez trois portes d\u2019entr\u00e9e : un bien en direct, des parts tokenis\u00e9es ou des actions de soci\u00e9t\u00e9s immobili\u00e8res cot\u00e9es.<\/p><h3>Les jetons immobiliers : le pilote encadr\u00e9 du DLD<\/h3><p>Le Dubai Land Department teste depuis mars 2025 la tokenisation de biens pr\u00eats \u00e0 habiter, avec des parts d\u00e8s 2 000 AED sur la plateforme Prypco Mint (Khaleej Times, 25 mai 2025). Plus de 18,5 millions AED y ont \u00e9t\u00e9 investis pendant le pilote, et un march\u00e9 secondaire r\u00e9serv\u00e9 aux r\u00e9sidents titulaires d\u2019une Emirates ID fonctionne depuis le 20 f\u00e9vrier 2026, sous supervision de la VARA (Gulf News). Ce n\u2019est pas une ICO au sens classique : les prix sont valid\u00e9s par le DLD et les tokens sont li\u00e9s au titre de propri\u00e9t\u00e9.<\/p><h3>Les actions immobili\u00e8res : la liquidit\u00e9 de la bourse<\/h3><p>Une IPO comme celle de DIP Holding offre une exposition \u00e0 un vaste portefeuille foncier, un dividende et la possibilit\u00e9 de revendre en bourse. Vous ne choisissez ni le bien ni le locataire, et le cours peut s\u2019\u00e9carter durablement de la valeur des actifs.<\/p><h3>L\u2019achat direct : le contr\u00f4le complet<\/h3><p>Acheter un appartement ou une villa en zone freehold vous donne un titre de propri\u00e9t\u00e9 \u00e0 votre nom, mais demande un capital plus \u00e9lev\u00e9 : le prix m\u00e9dian des ventes enregistr\u00e9es \u00e0 Dubai \u00e9tait de 1 419 000 AED en 2026 \u00e0 d\u00e9but novembre (DXBinteract), auxquels s\u2019ajoutent 4 % de frais de transfert du DLD. Les r\u00e8gles d\u2019acc\u00e8s sont d\u00e9taill\u00e9es dans notre guide <a href=\"\/fr\/les-etrangers-peuvent-ils-acheter-une-propriete\/\">les \u00e9trangers peuvent-ils acheter une propri\u00e9t\u00e9 \u00e0 Dubai<\/a>, et les prix par quartier dans notre analyse des <a href=\"\/fr\/prix-appartement-dubai\/\">prix des appartements \u00e0 Dubai<\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t<section class=\"elementor-element elementor-element-3ba5117 e-con-full vlr-sec e-flex e-con e-parent\" data-id=\"3ba5117\" data-element_type=\"container\" id=\"s8\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a13dd33 vlr-h2 elementor-widget elementor-widget-heading\" data-id=\"a13dd33\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Comment s\u00e9curiser un investissement dans une ICO ou une IPO aux \u00c9mirats ?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ddcfcb elementor-widget elementor-widget-text-editor\" data-id=\"7ddcfcb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-lead\">Les m\u00eames r\u00e9flexes valent pour les deux : v\u00e9rifier le r\u00e9gulateur, lire le document d\u2019information et ne jamais investir plus que ce que vous pouvez perdre.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a9a653 vlr-checks elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"3a9a653\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>V\u00e9rifiez la licence.<\/strong> Pour un jeton \u00e9mis \u00e0 Dubai, consultez le registre de la VARA ; pour une action, assurez-vous que l\u2019offre est approuv\u00e9e par la CMA ou le r\u00e9gulateur du centre financier concern\u00e9.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Lisez le livre blanc ou le prospectus.<\/strong> Droits attach\u00e9s, usage des fonds, frais, calendrier, risques : tout ce qui n\u2019y figure pas n\u2019est pas garanti.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Regardez la liquidit\u00e9.<\/strong> O\u00f9 et quand pourrez-vous revendre ? Une cotation en bourse n\u2019est pas comparable \u00e0 un jeton list\u00e9 sur une seule plateforme.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Analysez l\u2019\u00e9metteur.<\/strong> \u00c9quipe, historique, comptes audit\u00e9s pour une IPO ; pour une ICO, l\u2019identit\u00e9 r\u00e9elle des fondateurs et la structure juridique.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Pensez fiscalit\u00e9.<\/strong> Si vous \u00eates r\u00e9sident fiscal en France, dividendes et plus-values sur actions ou jetons peuvent y \u00eatre imposables : faites-vous conseiller.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><strong>Diversifiez.<\/strong> Ne concentrez pas votre \u00e9pargne sur un seul jeton ou une seule introduction.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<aside class=\"elementor-element elementor-element-5d89d4d e-con-full vlr-retenir e-flex e-con e-parent\" data-id=\"5d89d4d\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a9eb5fb vlr-tag-h vlr-tag-h--gold elementor-widget elementor-widget-heading\" data-id=\"a9eb5fb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u00c0 retenir<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76486d9 vlr-checks elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"76486d9\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Une ICO vend des jetons aux droits variables ; une IPO vend des actions sous contr\u00f4le strict d\u2019un r\u00e9gulateur boursier.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">\u00c0 Dubai, la VARA impose une licence pour les jetons adoss\u00e9s \u00e0 un actif (cat\u00e9gorie 1) ; les jetons de cat\u00e9gorie 2 ne sont jamais r\u00e9put\u00e9s approuv\u00e9s par la VARA.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Les IPO sur le DFM et l\u2019ADX rel\u00e8vent de la Capital Market Authority depuis le 1er janvier 2026 ; la premi\u00e8re IPO \u00e9miratie de 2026, DIP Holding, a lev\u00e9 529 M$.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/aside>\n\t\t\t\t<div class=\"elementor-element elementor-element-c1c765e elementor-view-stacked elementor-shape-circle elementor-position-left vlr-attention elementor-mobile-position-top elementor-vertical-align-top elementor-widget elementor-widget-icon-box\" data-id=\"c1c765e\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon elementor-animation-\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-exclamation-triangle\" viewBox=\"0 0 576 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M569.517 440.013C587.975 472.007 564.806 512 527.94 512H48.054c-36.937 0-59.999-40.055-41.577-71.987L246.423 23.985c18.467-32.009 64.72-31.951 83.154 0l239.94 416.028zM288 354c-25.405 0-46 20.595-46 46s20.595 46 46 46 46-20.595 46-46-20.595-46-46-46zm-43.673-165.346l7.418 136c.347 6.364 5.609 11.346 11.982 11.346h48.546c6.373 0 11.635-4.982 11.982-11.346l7.418-136c.375-6.874-5.098-12.654-11.982-12.654h-63.383c-6.884 0-12.356 5.78-11.981 12.654z\"><\/path><\/svg>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tPoint d'attention\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\tDes offres de jetons \u00ab immobiliers \u00bb ou de pr\u00e9-IPO circulent sur les r\u00e9seaux sociaux et par messagerie, souvent destin\u00e9es aux non-r\u00e9sidents. Si l\u2019\u00e9metteur ne figure pas dans les registres de la VARA, de la CMA ou d\u2019un r\u00e9gulateur de centre financier, ou si l\u2019offre promet un rendement garanti, abstenez-vous : vous n\u2019auriez aucun recours devant un r\u00e9gulateur \u00e9mirati.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t<section class=\"elementor-element elementor-element-efd9bb9 e-con-full vlr-sec e-flex e-con e-parent\" data-id=\"efd9bb9\" data-element_type=\"container\" id=\"faq\">\n\t\t\t\t<div class=\"elementor-element elementor-element-186cb3c vlr-h2 elementor-widget elementor-widget-heading\" data-id=\"186cb3c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Questions fr\u00e9quentes<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1cce710 vlr-faq elementor-widget elementor-widget-n-accordion\" data-id=\"1cce710\" data-element_type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;expanded&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-3020\" class=\"e-n-accordion-item\" open>\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"true\" aria-controls=\"e-n-accordion-item-3020\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Quelle est la diff\u00e9rence principale entre une ICO et une IPO ? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-times\" viewBox=\"0 0 352 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M242.72 256l100.07-100.07c12.28-12.28 12.28-32.19 0-44.48l-22.24-22.24c-12.28-12.28-32.19-12.28-44.48 0L176 189.28 75.93 89.21c-12.28-12.28-32.19-12.28-44.48 0L9.21 111.45c-12.28 12.28-12.28 32.19 0 44.48L109.28 256 9.21 356.07c-12.28 12.28-12.28 32.19 0 44.48l22.24 22.24c12.28 12.28 32.2 12.28 44.48 0L176 322.72l100.07 100.07c12.28 12.28 32.2 12.28 44.48 0l22.24-22.24c12.28-12.28 12.28-32.19 0-44.48L242.72 256z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-3020\" class=\"elementor-element elementor-element-c797556 e-con-full e-flex e-con e-child\" data-id=\"c797556\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-74fa936 vlr-faq-a elementor-widget elementor-widget-text-editor\" data-id=\"74fa936\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Une IPO vend des <strong>actions<\/strong> d\u2019une entreprise \u00e9tablie, avec prospectus approuv\u00e9 et cotation en bourse. Une ICO vend des <strong>jetons num\u00e9riques<\/strong> dont les droits sont fix\u00e9s par l\u2019\u00e9metteur, souvent pour un projet en d\u00e9marrage, avec un encadrement qui varie selon la cat\u00e9gorie du jeton.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-3021\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-3021\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Les ICO sont-elles l\u00e9gales aux \u00c9mirats ? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-times\" viewBox=\"0 0 352 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M242.72 256l100.07-100.07c12.28-12.28 12.28-32.19 0-44.48l-22.24-22.24c-12.28-12.28-32.19-12.28-44.48 0L176 189.28 75.93 89.21c-12.28-12.28-32.19-12.28-44.48 0L9.21 111.45c-12.28 12.28-12.28 32.19 0 44.48L109.28 256 9.21 356.07c-12.28 12.28-12.28 32.19 0 44.48l22.24 22.24c12.28 12.28 32.2 12.28 44.48 0L176 322.72l100.07 100.07c12.28 12.28 32.2 12.28 44.48 0l22.24-22.24c12.28-12.28 12.28-32.19 0-44.48L242.72 256z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-3021\" class=\"elementor-element elementor-element-63d7b0f e-con-full e-flex e-con e-child\" data-id=\"63d7b0f\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b87f66d vlr-faq-a elementor-widget elementor-widget-text-editor\" data-id=\"b87f66d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Oui, dans un cadre d\u00e9fini. \u00c0 Dubai, la VARA classe les \u00e9missions en trois cat\u00e9gories : licence obligatoire pour les jetons adoss\u00e9s \u00e0 une monnaie ou \u00e0 un actif, distributeur agr\u00e9\u00e9 pour les autres. Le rulebook en vigueur date du 19 juin 2025. Le DIFC et l\u2019ADGM ont leurs propres r\u00e9gulateurs.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-3022\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-3022\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Qui r\u00e9gule les IPO \u00e0 Dubai et Abu Dhabi ? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-times\" viewBox=\"0 0 352 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M242.72 256l100.07-100.07c12.28-12.28 12.28-32.19 0-44.48l-22.24-22.24c-12.28-12.28-32.19-12.28-44.48 0L176 189.28 75.93 89.21c-12.28-12.28-32.19-12.28-44.48 0L9.21 111.45c-12.28 12.28-12.28 32.19 0 44.48L109.28 256 9.21 356.07c-12.28 12.28-12.28 32.19 0 44.48l22.24 22.24c12.28 12.28 32.2 12.28 44.48 0L176 322.72l100.07 100.07c12.28 12.28 32.2 12.28 44.48 0l22.24-22.24c12.28-12.28 12.28-32.19 0-44.48L242.72 256z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-3022\" class=\"elementor-element elementor-element-d9b7ada e-con-full e-flex e-con e-child\" data-id=\"d9b7ada\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-94dee61 vlr-faq-a elementor-widget elementor-widget-text-editor\" data-id=\"94dee61\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Pour le DFM et l\u2019ADX, la <strong>Capital Market Authority<\/strong>, nouveau nom de la Securities and Commodities Authority depuis le 1er janvier 2026 (d\u00e9crets-lois f\u00e9d\u00e9raux n\u00b0 32 et 33 de 2025). Les cotations dans les centres financiers DIFC et ADGM rel\u00e8vent de leurs r\u00e9gulateurs propres.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-3023\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"4\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-3023\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Combien d\u2019IPO ont eu lieu aux \u00c9mirats en 2025 et 2026 ? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-times\" viewBox=\"0 0 352 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M242.72 256l100.07-100.07c12.28-12.28 12.28-32.19 0-44.48l-22.24-22.24c-12.28-12.28-32.19-12.28-44.48 0L176 189.28 75.93 89.21c-12.28-12.28-32.19-12.28-44.48 0L9.21 111.45c-12.28 12.28-12.28 32.19 0 44.48L109.28 256 9.21 356.07c-12.28 12.28-12.28 32.19 0 44.48l22.24 22.24c12.28 12.28 32.2 12.28 44.48 0L176 322.72l100.07 100.07c12.28 12.28 32.2 12.28 44.48 0l22.24-22.24c12.28-12.28 12.28-32.19 0-44.48L242.72 256z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-3023\" class=\"elementor-element elementor-element-9e28d2d e-con-full e-flex e-con e-child\" data-id=\"9e28d2d\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0449dc3 vlr-faq-a elementor-widget elementor-widget-text-editor\" data-id=\"0449dc3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Trois IPO ont lev\u00e9 1,1 milliard $ en 2025 selon Dealogic. En 2026, aucune n\u2019avait eu lieu \u00e0 la mi-octobre en raison de la guerre r\u00e9gionale ; la premi\u00e8re, DIP Holding sur le DFM, a lev\u00e9 529 M$ d\u00e9but novembre (The National).<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-3024\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"5\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-3024\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Un investisseur fran\u00e7ais peut-il participer \u00e0 une ICO ou une IPO \u00e0 Dubai ? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-times\" viewBox=\"0 0 352 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M242.72 256l100.07-100.07c12.28-12.28 12.28-32.19 0-44.48l-22.24-22.24c-12.28-12.28-32.19-12.28-44.48 0L176 189.28 75.93 89.21c-12.28-12.28-32.19-12.28-44.48 0L9.21 111.45c-12.28 12.28-12.28 32.19 0 44.48L109.28 256 9.21 356.07c-12.28 12.28-12.28 32.19 0 44.48l22.24 22.24c12.28 12.28 32.2 12.28 44.48 0L176 322.72l100.07 100.07c12.28 12.28 32.2 12.28 44.48 0l22.24-22.24c12.28-12.28 12.28-32.19 0-44.48L242.72 256z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-3024\" class=\"elementor-element elementor-element-f0be85d e-con-full e-flex e-con e-child\" data-id=\"f0be85d\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d20549e vlr-faq-a elementor-widget elementor-widget-text-editor\" data-id=\"d20549e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Cela d\u00e9pend de l\u2019offre : certaines IPO sont ouvertes aux particuliers via un courtier, et certains jetons sont r\u00e9serv\u00e9s aux r\u00e9sidents, comme le march\u00e9 secondaire du pilote de tokenisation du DLD. V\u00e9rifiez l\u2019\u00e9ligibilit\u00e9 dans le prospectus ou le livre blanc, ainsi que votre fiscalit\u00e9 en France.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-6211cdd vlr-final-note elementor-widget elementor-widget-text-editor\" data-id=\"6211cdd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-src-note\">Chiffres indicatifs \u00e0 la date indiqu\u00e9e : v\u00e9rifiez-les aupr\u00e8s des sources officielles avant toute d\u00e9cision.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73e6154 vlr-disclaimer elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"73e6154\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-info-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119.043 8 8 119.083 8 256c0 136.997 111.043 248 248 248s248-111.003 248-248C504 119.083 392.957 8 256 8zm0 110c23.196 0 42 18.804 42 42s-18.804 42-42 42-42-18.804-42-42 18.804-42 42-42zm56 254c0 6.627-5.373 12-12 12h-88c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h12v-64h-12c-6.627 0-12-5.373-12-12v-24c0-6.627 5.373-12 12-12h64c6.627 0 12 5.373 12 12v100h12c6.627 0 12 5.373 12 12v24z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Contenu informatif, ne constitue ni un conseil fiscal, juridique ni financier.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<section class=\"elementor-element elementor-element-c6a8b2d e-con-full vlr-cta e-flex e-con e-parent\" data-id=\"c6a8b2d\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-a25e631 e-con-full vlr-cta-text e-flex e-con e-parent\" data-id=\"a25e631\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-65c41da vlr-h2 elementor-widget elementor-widget-heading\" data-id=\"65c41da\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Jetons, actions ou bien en direct : quelle exposition \u00e0 l\u2019immobilier de Dubai vous convient ?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d805932 elementor-widget elementor-widget-text-editor\" data-id=\"d805932\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tNos analystes comparent avec vous rendement, liquidit\u00e9 et risques, sur WhatsApp au +971 54 236 4178.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4ccc7ed e-con-full vlr-cta-btns e-flex e-con e-parent\" data-id=\"4ccc7ed\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8aff013 vlr-btn vlr-btn--primary elementor-widget elementor-widget-button\" data-id=\"8aff013\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-lg\" href=\"https:\/\/wa.me\/971542364178\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fab-whatsapp\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M380.9 97.1C339 55.1 283.2 32 223.9 32c-122.4 0-222 99.6-222 222 0 39.1 10.2 77.3 29.6 111L0 480l117.7-30.9c32.4 17.7 68.9 27 106.1 27h.1c122.3 0 224.1-99.6 224.1-222 0-59.3-25.2-115-67.1-157zm-157 341.6c-33.2 0-65.7-8.9-94-25.7l-6.7-4-69.8 18.3L72 359.2l-4.4-7c-18.5-29.4-28.2-63.3-28.2-98.2 0-101.7 82.8-184.5 184.6-184.5 49.3 0 95.6 19.2 130.4 54.1 34.8 34.9 56.2 81.2 56.1 130.5 0 101.8-84.9 184.6-186.6 184.6zm101.2-138.2c-5.5-2.8-32.8-16.2-37.9-18-5.1-1.9-8.8-2.8-12.5 2.8-3.7 5.6-14.3 18-17.6 21.8-3.2 3.7-6.5 4.2-12 1.4-32.6-16.3-54-29.1-75.5-66-5.7-9.8 5.7-9.1 16.3-30.3 1.8-3.7.9-6.9-.5-9.7-1.4-2.8-12.5-30.1-17.1-41.2-4.5-10.8-9.1-9.3-12.5-9.5-3.2-.2-6.9-.2-10.6-.2-3.7 0-9.7 1.4-14.8 6.9-5.1 5.6-19.4 19-19.4 46.3 0 27.3 19.9 53.7 22.6 57.4 2.8 3.7 39.1 59.7 94.8 83.8 35.2 15.2 49 16.5 66.6 13.9 10.7-1.6 32.8-13.4 37.4-26.4 4.6-13 4.6-24.1 3.2-26.4-1.3-2.5-5-3.9-10.5-6.6z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">\u00c9changer avec un analyste<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a622337 vlr-btn vlr-btn--outline elementor-widget elementor-widget-button\" data-id=\"a622337\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-lg\" href=\"\/fr\/comparateur-investissement\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Comparer deux projets<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t<section class=\"elementor-element elementor-element-8155380 e-con-full vlr-related e-flex e-con e-parent\" data-id=\"8155380\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1da8d07 vlr-h2 elementor-widget elementor-widget-heading\" data-id=\"1da8d07\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u00c0 lire ensuite<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6421aba e-con-full vlr-rel-grid e-flex e-con e-parent\" data-id=\"6421aba\" data-element_type=\"container\">\n\t\t<a class=\"elementor-element elementor-element-895b55d e-con-full vlr-rel-card e-flex e-con e-parent\" data-id=\"895b55d\" data-element_type=\"container\" href=\"\/fr\/tokenisation-immobiliere-definition-et-fonctionnement\/\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7b9cc20 vlr-rel-img elementor-widget elementor-widget-image\" data-id=\"7b9cc20\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/10\/Tokenisation-immobiliere-definition-et-fonctionnement-1024x1024.jpg\" class=\"attachment-large size-large wp-image-28972\" alt=\"Tokenisation de l&#039;immobilier\" srcset=\"https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/10\/Tokenisation-immobiliere-definition-et-fonctionnement-1024x1024.jpg 1024w, https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/10\/Tokenisation-immobiliere-definition-et-fonctionnement-300x300.jpg 300w, https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/10\/Tokenisation-immobiliere-definition-et-fonctionnement-150x150.jpg 150w, https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/10\/Tokenisation-immobiliere-definition-et-fonctionnement-768x768.jpg 768w, https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/10\/Tokenisation-immobiliere-definition-et-fonctionnement-650x650.jpg 650w, https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/10\/Tokenisation-immobiliere-definition-et-fonctionnement.jpg 1080w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-02d0371 e-con-full vlr-rel-body e-flex e-con e-parent\" data-id=\"02d0371\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6d05c95 vlr-rel-tag elementor-widget elementor-widget-text-editor\" data-id=\"6d05c95\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span class=\"vlr-tag vlr-tag--blue-outline\">Dubai<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f32ed8f vlr-rel-title elementor-widget elementor-widget-heading\" data-id=\"f32ed8f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-heading-title elementor-size-default\">Tokenisation immobili\u00e8re : d\u00e9finition et fonctionnement<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d1d74e2 vlr-rel-sum-w elementor-widget elementor-widget-text-editor\" data-id=\"d1d74e2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-rel-sum\">le pilote du DLD, Prypco Mint et le march\u00e9 secondaire ouvert en 2026.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t<a class=\"elementor-element elementor-element-5cde422 e-con-full vlr-rel-card e-flex e-con e-parent\" data-id=\"5cde422\" data-element_type=\"container\" href=\"\/fr\/acheter-un-bien-immobilier-avec-des-crypto-monnaies-a-dubai\/\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ac2035a vlr-rel-img elementor-widget elementor-widget-image\" data-id=\"ac2035a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/01\/Buying-Property-in-Dubai-with-Cryptocurrency-1-1024x576.jpg\" class=\"attachment-large size-large wp-image-18135\" alt=\"Buying Property in Dubai with Cryptocurrency\" srcset=\"https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/01\/Buying-Property-in-Dubai-with-Cryptocurrency-1-1024x576.jpg 1024w, https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/01\/Buying-Property-in-Dubai-with-Cryptocurrency-1-300x169.jpg 300w, https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/01\/Buying-Property-in-Dubai-with-Cryptocurrency-1-768x432.jpg 768w, https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/01\/Buying-Property-in-Dubai-with-Cryptocurrency-1.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5221036 e-con-full vlr-rel-body e-flex e-con e-parent\" data-id=\"5221036\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9c41b98 vlr-rel-tag elementor-widget elementor-widget-text-editor\" data-id=\"9c41b98\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span class=\"vlr-tag vlr-tag--blue-outline\">Dubai<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b7b57c vlr-rel-title elementor-widget elementor-widget-heading\" data-id=\"8b7b57c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-heading-title elementor-size-default\">Acheter un bien immobilier avec des cryptomonnaies \u00e0 Dubai<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23fcc98 vlr-rel-sum-w elementor-widget elementor-widget-text-editor\" data-id=\"23fcc98\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-rel-sum\">comment r\u00e9gler un achat en actifs num\u00e9riques et quelles r\u00e8gles s\u2019appliquent.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t<a class=\"elementor-element elementor-element-7efcfd9 e-con-full vlr-rel-card e-flex e-con e-parent\" data-id=\"7efcfd9\" data-element_type=\"container\" href=\"\/fr\/immobilier-dubai\/\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8c3fd10 vlr-rel-img elementor-widget elementor-widget-image\" data-id=\"8c3fd10\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/08\/Immobilier-Dubai-en-2025-Guide-Complet-pour-Investir-avec-Confiance-1-1024x1024.jpg\" class=\"attachment-large size-large wp-image-27125\" alt=\"Immobilier Dubai en 2025 : Guide Complet pour Investir avec Confiance\" srcset=\"https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/08\/Immobilier-Dubai-en-2025-Guide-Complet-pour-Investir-avec-Confiance-1-1024x1024.jpg 1024w, https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/08\/Immobilier-Dubai-en-2025-Guide-Complet-pour-Investir-avec-Confiance-1-300x300.jpg 300w, https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/08\/Immobilier-Dubai-en-2025-Guide-Complet-pour-Investir-avec-Confiance-1-150x150.jpg 150w, https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/08\/Immobilier-Dubai-en-2025-Guide-Complet-pour-Investir-avec-Confiance-1-768x768.jpg 768w, https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/08\/Immobilier-Dubai-en-2025-Guide-Complet-pour-Investir-avec-Confiance-1-650x650.jpg 650w, https:\/\/valorisimo.com\/wp-content\/uploads\/2025\/08\/Immobilier-Dubai-en-2025-Guide-Complet-pour-Investir-avec-Confiance-1.jpg 1080w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-597336b e-con-full vlr-rel-body e-flex e-con e-parent\" data-id=\"597336b\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4f1f77b vlr-rel-tag elementor-widget elementor-widget-text-editor\" data-id=\"4f1f77b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span class=\"vlr-tag vlr-tag--blue-outline\">Dubai<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7bb4454 vlr-rel-title elementor-widget elementor-widget-heading\" data-id=\"7bb4454\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-heading-title elementor-size-default\">Immobilier \u00e0 Dubai<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-47504af vlr-rel-sum-w elementor-widget elementor-widget-text-editor\" data-id=\"47504af\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"vlr-rel-sum\">le point d\u2019entr\u00e9e pour comprendre le march\u00e9, les quartiers et les d\u00e9marches.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c7fabb vlr-ld elementor-widget elementor-widget-html\" data-id=\"6c7fabb\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Quelle est la diff\u00e9rence principale entre une ICO et une IPO ?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Une IPO vend des actions d\u2019une entreprise \u00e9tablie, avec prospectus approuv\u00e9 et cotation en bourse. Une ICO vend des jetons num\u00e9riques dont les droits sont fix\u00e9s par l\u2019\u00e9metteur, souvent pour un projet en d\u00e9marrage, avec un encadrement qui varie selon la cat\u00e9gorie du jeton.\"}},{\"@type\":\"Question\",\"name\":\"Les ICO sont-elles l\u00e9gales aux \u00c9mirats ?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Oui, dans un cadre d\u00e9fini. \u00c0 Dubai, la VARA classe les \u00e9missions en trois cat\u00e9gories : licence obligatoire pour les jetons adoss\u00e9s \u00e0 une monnaie ou \u00e0 un actif, distributeur agr\u00e9\u00e9 pour les autres. Le rulebook en vigueur date du 19 juin 2025. Le DIFC et l\u2019ADGM ont leurs propres r\u00e9gulateurs.\"}},{\"@type\":\"Question\",\"name\":\"Qui r\u00e9gule les IPO \u00e0 Dubai et Abu Dhabi ?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Pour le DFM et l\u2019ADX, la Capital Market Authority, nouveau nom de la Securities and Commodities Authority depuis le 1er janvier 2026 (d\u00e9crets-lois f\u00e9d\u00e9raux n\u00b0 32 et 33 de 2025). Les cotations dans les centres financiers DIFC et ADGM rel\u00e8vent de leurs r\u00e9gulateurs propres.\"}},{\"@type\":\"Question\",\"name\":\"Combien d\u2019IPO ont eu lieu aux \u00c9mirats en 2025 et 2026 ?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Trois IPO ont lev\u00e9 1,1 milliard $ en 2025 selon Dealogic. En 2026, aucune n\u2019avait eu lieu \u00e0 la mi-octobre en raison de la guerre r\u00e9gionale ; la premi\u00e8re, DIP Holding sur le DFM, a lev\u00e9 529 M$ d\u00e9but novembre (The National).\"}},{\"@type\":\"Question\",\"name\":\"Un investisseur fran\u00e7ais peut-il participer \u00e0 une ICO ou une IPO \u00e0 Dubai ?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Cela d\u00e9pend de l\u2019offre : certaines IPO sont ouvertes aux particuliers via un courtier, et certains jetons sont r\u00e9serv\u00e9s aux r\u00e9sidents, comme le march\u00e9 secondaire du pilote de tokenisation du DLD. V\u00e9rifiez l\u2019\u00e9ligibilit\u00e9 dans le prospectus ou le livre blanc, ainsi que votre fiscalit\u00e9 en France.\"}}]}<\/script>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Accueil\u203aDubai\u203aICO vs IPO GuideInvestissement ICO vs IPO en 2026 : diff\u00e9rences, r\u00e8gles aux \u00c9mirats et usages dans l\u2019immobilier Publi\u00e9 le 12 mars 2026 Mis \u00e0 jour le 10 novembre 2026 11 min de lecture Donn\u00e9es v\u00e9rifi\u00e9es le 10 nov. 2026 En bref Une ICO vend des jetons num\u00e9riques, souvent contre des cryptomonnaies, pour financer un [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":38556,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[91],"tags":[150,202],"class_list":["post-38553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classifiee","tag-featured-fr","tag-guide-dubai-fr"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ICO vs IPO 2026 : 8 diff\u00e9rences cl\u00e9s expliqu\u00e9es | Valorisimo<\/title>\n<meta name=\"description\" content=\"ICO vs IPO : tableau des diff\u00e9rences, r\u00e8gles VARA et CMA aux \u00c9mirats en 2026, premi\u00e8re IPO de l\u2019ann\u00e9e \u00e0 Dubai (529 M$) et usages dans l\u2019immobilier.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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