"It's not just that it can't be done, there must be a reason for Dubai to do that."
In order to develop Dubai as an international hub of digital assets, Dubai's Virtual Asset Regulatory Authority (VARA) enforces several regulations and prohibits all activities involving cryptocurrencies such as Monero (XMR) and Zcash (ZEC).
Crypto-based companies that wish to offer their services in Dubai must meet all standards set by the local regulatory body.
According to Angela Ang, Senior Policy Advisor at blockchain intelligence firm TRM Labs said that a digital asset company needs to implement anti-money laundering, marketing protocols and insider trading prevention.
He added that the main purpose of the reform was to establish Dubai as a global center of blockchain technology and provide more efficient protection to local users.
It is well known that the regulator had previously granted temporary licenses to crypto exchange companies Binance and Crypto.com to provide services in the area while FTX was given approval to establish a regional headquarters.
In the meantime, the largest airline company in the United Arab Emirates (UAE), Emirates Airline intends to apply Bitcoin (BTC) as a payment method and blockchain technology to track aircraft records.
On the other hand, the Japanese authorities also banned the use of digital assets such as Monero (XMR), Zcash (ZEC) and dash (DASH) after individuals were found to regularly use such tokens in their illegal operations.
