The authorities of the Emirate of Dubai banned transactions with anonymous cryptocurrencies


The Dubai Virtual Assets Regulatory Authority (VARA) has banned the use of “anonymity-enhancing” cryptocurrencies such as Monero, Dash or Zcash.

This follows from a document published on Tuesday, February 7, on the VARA website. According to the rulebook, anonymous currencies are a type of virtual asset that “prevents the tracking of transactions or records of ownership across public blockchains for which the Virtual Asset Service Provider (VASP) does not have the technology or mechanisms to track or determine ownership.”

VARA is the newly created regulator of Dubai, the most open region of the United Arab Emirates to foreigners. The agency was established to regulate the growing market for NFTs and cryptocurrencies.

At the beginning of 2022, the Dubai authorities announced their intention to make the emirate one of the most advanced regions in terms of presence in the metauniverses.. The authorities have developed a strategy to create more than 40,000 virtual jobs by 2030.