The Dubai regulator is planning to introduce new rules requiring a crypto business to disclose the names of big holders.
Crypto investors, who have a large amount of money in Dubai, soon revealed their identity to the authorities as a new push to protect consumers in the city’s growing virtual asset markets.
The Virtual Assets Regulatory Authority has planned for the need of licensed crypto issuer and service providers to disclose the names of major crypto holders, or “whale”, especially if most tokens are owned by a manufacturer or institute. Boss Matthew White explained in one Interview With the standard that this step can help investors better understand the products they are buying, as several tokens are controlled by third party such as venture capitalists.
White also said that the groom would not demand that specific people are named, as many cryptocurrency holders use pseudo -names and transactions are connected to wallet addresses, not real names.
The Vara Head believes that it is possible to disclose big holders as the blockchain is clear and permanent, saying that the regulator is also thinking of ensuring that investors get “clear description of risks”. While the verification process was not fully disclosed, new requirements are part of Vara’s plans for Q1, already in progress, White explained.
The new rules follow a public warning from the groom about the promotion of the coin of meme coins. Crypto.news had earlier stated that the regulator had warned investors about the risks tied to these tokens, including price manipulation, liquidity problem and potential fraud, given that they “lack of internal value” and often Social media trends and misleading propaganda strategies are inspired.
