Dubai Crypto Regulatory Authority: The use of privacy tokens such as ZEC and XMR is not allowed, and large proprietary traders must register locally

ChainCatcher news, the Dubai Virtual Assets Regulatory Authority (VARA) describes cryptocurrencies that enhance anonymity in the "2023 Regulations on Virtual Assets and Related Activities" as assets that prevent tracking of ownership or transactions. The regulations prohibit the use of privacy tokens such as ZEC and XMR, and local entities are also not allowed to create such tokens.

The regulations also state that entities cannot describe themselves as virtual asset businesses unless they obtain VARA permission. Large proprietary traders investing $250 million or more in cryptocurrencies must register with VARA, and violations of market conduct rules may result in individual fines of up to $5.4 million and fines for virtual asset service providers of up to $13.6 million. (Source link)