Dubai's regulator, the Virtual Assets Regulatory Authority (VARA), is set to introduce new rules requiring crypto businesses to disclose the names of large holders in order to protect consumers in the city's virtual asset market. The move aims to provide investors with a better understanding of the products they are buying, as many tokens are controlled by third parties. VARA does not necessarily require specific names to be disclosed, as many crypto holders use pseudonyms and transactions are tied to wallet addresses. The regulator also plans to ensure investors receive a clear description of risks associated with cryptocurrencies. These new requirements are expected to be implemented in Q1 2022, with some already in progress. This follows VARA's public warning about meme coin promotions and the risks associated with these tokens.



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