Dubai Releases New Bitcoin Rules! These Altcoins Are Banned!

The bear market in 2022 made many countries move slowly towards cryptocurrency regulations. As of 2023, we follow the acceleration of studies on crypto money regulations in many countries.

The last move in this regard came from Dubai. The Emirate of Dubai Virtual Assets Regulatory Authority (VARA) has published new rules for cryptocurrencies.

It was stated that the rules are based on 10 basic principles, which include certain licensing requirements, obligations to prevent money laundering, and marketing and promotion provisions.

Among the rules, the following points were noted:

No organization will be able to define itself as a virtual asset business unless licensed by VARA

Investors investing over $250 million will have to register with VARA.

In the event of breach of any rule and bankruptcy, VARA will have the power to revoke the license.

VARA will have the right to charge between $11,000 and $55,000 for its various services.

Fines for violations of the rules can be imposed on businesses in amounts ranging from $5.4 million to $13.6 million.

These Altcoins Will Not Be Allowed

In the rules announced by VARA, a special regulation was made regarding cryptocurrencies, which are known as privacy coins and whose users cannot be tracked.

Under the new rules, the use and trading of privacy coins such as ZCash (ZEC) and Monero (XMR) will not be allowed in Dubai.

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