The United Arab Emirates is tightening control over the cryptocurrency market. A special legal regime was previously introduced in Dubai.
This financial center has become an attractive place to work for many crypto companies. However, the authorities ordered the exchanges to stop transactions with anonymous digital currencies.
Some local platforms supported coins such as Monero (XMR) and ZCash (ZEC).
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. The tightening of the rules is due to the need to comply with UAE anti-money laundering legislation.
Business was sympathetic to the decision of VARA, but called on the regulator to prevent the strangulation of the industry.
Some trading platforms unilaterally and without the requirement of the authorities stop supporting private altcoins. For example, the Bittrex and Huobi exchanges have previously delisted the XMR and ZEC cryptocurrencies.
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