The United Arab Emirates is tightening control over the cryptocurrency market. A special legal regime was previously introduced in Dubai.
This finance center has turned into a desirable work environment for numerous crypto organizations, however the governing bodies gave an order to halt operations with anonymous digital currencies. As such, this area of trade is no longer available in this financial hub.
Several local platforms have adopted cryptocurrencies like Monero (XMR) and ZCash (ZEC).
However, the Dubai Virtual Asset Regulatory Authority (VARA) has decided to ban all types of transactions with anonymous altcoins.
Moreover, the government of Dubai requires all blockchain companies to register and follow their strict regulations in order to operate within the financial center. This tight control is an effort by them to comply with UAE laws against money laundering.
The business implored VARA to be considerate of their decision, yet cautioned that they should not allow the industry’s potential stagnation. Various trading platforms have decided to disregard the regulations and deny support of private altcoins. Just recently, Huobi and Bittrex delisted XMR & ZEC cryptocurrencies with no warning or permission from authorities whatsoever.