Dubai’s VARA Sets Sights on Deanonymizing Crypto Whales: Report

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Ah, dear reader, gather ’round as we delve into the curious case of Dubai’s illustrious regulator, who has taken it upon themselves to unveil the veiled identities of those mysterious crypto whales! 🐋💰

In a twist that would make even the most seasoned bureaucrat chuckle, the Virtual Assets Regulatory Authority (VARA) has decided that it’s high time for crypto businesses to spill the beans on the names of their hefty holders. Yes, you heard it right! Those who hoard vast sums of digital treasure in the shimmering sands of Dubai may soon find their secrets laid bare before the watchful eyes of the authorities. What a delightful spectacle! 🎭

Matthew White, the grand poobah of VARA, shared his thoughts with The Standard, suggesting that this audacious move could enlighten investors about the products they are so eagerly purchasing. After all, who wouldn’t want to know if their shiny new tokens are being controlled by a shadowy figure lurking in the depths of a venture capital lair? 🕵️‍♂️

But fear not, for Mr. White assures us that VARA won’t be demanding the names of specific individuals. Many crypto aficionados prefer to hide behind their charming pseudonyms, like a magician concealing their tricks. Transactions, after all, are tied to wallet addresses, not the names of the illustrious owners. How very clever! 🧙‍♂️

Our dear VARA head believes that the blockchain, that transparent and eternal ledger, will allow for the revelation of these big holders. He also hinted at the possibility of ensuring that investors receive a “clear description of risks.” Because, let’s face it, who doesn’t love a good risk assessment? 📊

These new regulations come on the heels of a public warning from VARA regarding the notorious meme coins. Yes, those whimsical tokens that dance on the whims of social media trends! The regulator has cautioned investors about the perils of price manipulation, liquidity woes, and the ever-looming specter of fraud. They’ve even gone so far as to declare that these tokens “lack intrinsic value.” Shocking, I know! 😱

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2025-02-25 13:58