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Gate Square New & Returning Creator Rewards are ongoing!
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CoinVoice has learned that, according to CoinDesk, the Dubai Financial Services Authority (DFSA) has banned privacy coin trading, promotion, and derivatives activities at the Dubai International Financial Centre (DIFC) starting today, citing difficulties in meeting anti-money laundering and sanctions compliance requirements. The new regulations also redefine stablecoins, only recognizing "fiat-backed cryptocurrencies" supported by fiat currency and high-quality assets; algorithmic stablecoins like Ethena are not considered stablecoins. Additionally, the DFSA has delegated the responsibility for token applicability assessments to licensed institutions, with regulatory focus shifting to compliance enforcement.