Dubai has officially banned all privacy coins, including Monero, to stop anonymous transactions and meet international standards.

These new stablecoin laws also divide power between the Central Bank and VARA to protect users holding Dirham or dollar-pegged tokens.

The UAE has been in the cross hairs of FATF and other AML watchdogs due to its lenient financial policies. The country has had a difficult time in past due to them.

A new passporting agreement also allows crypto firms licensed in Dubai to operate across the entire UAE without extra fees.

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