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Join Our Telegram channel to stay up to date on breaking news coverage The most populous of the seven emirates of the UAE, Dubai, recently brought a set of rules for crypto that was initially praised for obligating crypto firms to seek licenses from a crypto-specific regulatory body in order to operate within its territory. However, upon further inspection, it was revealed that the rules also prohibit the use of privacy coins in the region. Privacy coins, like Monero (XMR), Zcash (ZEC), and others, are known for using advanced technologies that allow crypto users to move money anonymously. While all other cryptocurrencies are purely pseudonymous, these ones still allow users to hide their identity when transferring funds, which is now banned in Dubai. BREAKING: DUBAI PROHIBITS PRIVACY COINS LIKE $ZEC AND $XMR pic.twitter.com/rebZqMUeho — DEGEN NEWS 🗞️ (@DegenerateNews) February 8, 2023 The region prohibit s all activities related to privacy coins , inc...

The Thai securities regulator now requires crypto custodians to have a contingency plan in case of occurrence of any unforeseen events. The Securities and Exchange Commission (SEC) of Thailand is working to better protect cryptocurrency investors by introducing new rules for crypto custody services. Thai SEC on Jan. 17 issued regulations requiring virtual asset service providers (VASP) to establish a digital wallet management system to guarantee efficient custody. The new rules target crypto custodians, or VASPs that provide crypto storage services. The regulations include three major requirements, including provision of policy and guidelines for overseeing risk management of digital wallets and private keys. The rules require VASPs to communicate with regulators regarding such policies and provide action plans to ensure compliance. Additionally, the SEC requested crypto custodians to provide policy and procedures for design, development and management of digital wallets and keys. T...