Dubai regulator bans anonymous cryptocurrencies
There are fines for non-compliance with the new rules
08.02.2023 - 12:00
1635
1 min
0
What’s new? Dubai’s Virtual Asset Regulatory Authority (VARA) has banned the issuance of anonymous cryptocurrencies such as Zcash (ZEC) and Monero (XMR). Violations carry fines of 20 million dirhams (~$5,4 million) for individuals and 50 million dirhams (~$13,6 million) for businesses working with digital assets, such as crypto exchanges. VARA defines cryptocurrencies that enhance anonymity as those that prevent ownership or transaction tracking.
What else do the new rules say? All organizations working with cryptocurrencies and traders investing $250 million or more in digital assets must register with VARA. The regulator can revoke a license if insolvency or violations of directives are established, and it can set fees ranging from 40 000 dirhams to 200 000 dirhams (~$10 890-$54 450).
The VARA’s provisions apply not only within the emirate of Dubai but also in its special development zones and free zones — except for the Dubai International Financial Center (DIFC), which is regulated by another body.
In 2022, Dubai Multi Commodities Center (DMCC) attracted 3049 crypto startups, which became a record, and their total number exceeded 22 000.
In August, VARA approved rules for advertising cryptocurrencies, which, among other things, prohibit misleading investors about the profitability of projects.
Useful material?
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024