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Dubai forbids using private cryptocurrency operations

The restriction on privacy cryptocurrency was announced in the amended virtual assets and related activities laws for 2023 that were published by Dubai’s regulatory body, the Virtual Assets Regulatory Authority (VARA).

Dubai Bans Operations With Privacy Crypto Coins

The issuance of anonymity-enhanced cryptocurrencies and all connected VA activity[ies] are forbidden in the Emirate, according to the VARA standards.

Monero (XMR), a privacy cryptocurrency, is no longer permitted under the new regulations established by Dubai’s VARA. The regulation also establishes fees for advice services, broker-dealer registration, and annual supervision for custody services.

All entities must adhere to the licensing processes as occasionally laid down by VARA when requesting a license from it. The Dubai regulator further emphasized that all market participants, regardless of whether they hold a VARA license or not, are required to abide by laws governing marketing, advertising, and promotions.

According to the guidelines, the new regulations are intended to raise awareness, draw investors, and deter illicit activity so that Dubai may serve as a regional and global hub for virtual assets and related services.

Dubai established the VARA and enacted a new crypto law last year. VARA provides a wide range of virtual asset services in association with the Securities and Commodities Authority and the UAE Central Bank.

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