## Dubai Watchdog Set to Reveal Crypto Giants: Account
Dubai’s Digital Assets Regulatory Authority (VARA) intends to reveal the identities of major digital currency owners, with the goal of increasing openness and protecting shareholders in the emirate’s growing digital currency marketplace.
According to the proposed legislation, digital currency companies operating in Dubai would be required to reveal information about individuals or organizations holding substantial quantities of digital currency, often known as “giants.”
VARA’s director, Matthew White, stated that this action would provide investors a clearer understanding of the products they are purchasing, as many tokens are managed by outside parties such as venture capitalists. This disclosure would be extremely important if a significant amount of a token’s supply is held by its founders or a single organization.
While VARA may not always reveal the actual names of individuals (because many digital currency owners use aliases), the regulator can use the blockchain’s openness and immutability to identify wallet addresses linked with these large holders.
VARA is also considering steps to ensure that shareholders receive “clear risk disclosures” about the assets in which they are investing, in addition to identifying giants. These new standards are part of VARA’s Q1 plans and are already being implemented.
This action follows VARA’s prior cautions regarding the promotion of meme coins, warning shareholders about the hazards connected with these assets, such as price manipulation, liquidity concerns, and potential fraud. The regulator emphasized that meme coins “lack inherent Toncoin (TON) Value Forecast for March 26th” and are frequently influenced by social networking trends and deceptive promotional strategies.
