Dubai Prohibits Privacy Coins Like Monero Under New Crypto Rules

Dubai's Virtual Assets Regulatory Authority (VARA) has prohibited the use of privacy coins like Monero within its jurisdiction.

The move comes as part of a broader crackdown on cryptocurrency-related activities in the emirate, which has seen VARA issue new regulations for crypto companies operating in Dubai.

The new regulations, which came into effect on October 1, require crypto companies to obtain a license from VARA before they can operate in the emirate. The regulations also set out a number of requirements for crypto companies, including the need to comply with anti-money laundering and know-your-customer (KYC) rules.

The prohibition on privacy coins is a significant development, as privacy coins are often used by criminals to launder money and hide their identities. Monero is one of the most popular privacy coins, and its prohibition in Dubai is likely to make it more difficult for criminals to operate in the emirate.

The new regulations are part of a broader effort by Dubai to regulate the cryptocurrency industry. The emirate has been a major hub for cryptocurrency trading in recent years, but the lack of regulation has led to concerns about money laundering and other illegal activities.

The new regulations are expected to help to address these concerns and make Dubai a more attractive destination for legitimate cryptocurrency businesses.

Conclusion

Dubai's prohibition on privacy coins is a significant development that is likely to have a major impact on the cryptocurrency industry in the emirate. The move is a clear sign that Dubai is serious about regulating the cryptocurrency industry and making it more difficult for criminals to use cryptocurrency for illegal activities.