Dubai Bans Transactions with Private Tokens

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The United Arab Emirates is tightening its control over the cryptocurrency sector.

The country has recently become an attractive place to work for many crypto companies. However, the authorities of the country have ordered exchanges to stop transactions with anonymous digital currencies.

So far, some local platforms supported coins such as Monero (XMR) and ZCash (ZEC). However, the Dubai Virtual Assets Regulatory Authority (VARA) has decided to ban all types of anonymous altcoin transactions.

In addition, the authorities have introduced mandatory registration for every blockchain company that wants to work in the financial center.