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Dubai Introduces Ban on Transactions with Private Altcoins

ByLouis Adams

Feb 10, 2023
Reading time: < 1 minute

Dubai has previously introduced a special legal regime for the regulation of cryptocurrencies.

The country has become an attractive place to work for many crypto companies. However, the authorities have ordered the exchanges to stop transactions with anonymous digital currencies.

Some local platforms so far supported coins such as Monero and ZCash. However, the Dubai Virtual Assets Regulatory Authority (VARA) has taken the decision to ban all types of anonymous altcoin transactions.

In addition, the Dubai authorities have introduced mandatory registration for every blockchain company that wants to work in the financial center.