Dubai DFSA outlaws privacy coins in DIFC and narrows stablecoin rules for fiat-backed tokens
On January 12, 2026, the Dubai Financial Services Authority enforced an updated Crypto Token Regulatory Framework that bans privacy-focused cryptocurrencies within the Dubai International Financial Centre. The rules also refine which assets qualify as fiat-referenced crypto tokens, excluding algorithmic models such as Ethena's USDe from stablecoin treatment and shifting token approval responsibility from the regulator to licensed firms.