According to sources close to Coinlive, Dubai's crypto watchdog, the Virtual Assets Regulatory Authority (VARA), has enforced a ban on Islamic Coin (ISLM). VARA's probe, part of an ongoing investigation, revealed a million-dollar wallet associated with terrorist financing.
Bored Gen DMCC (BG), the parent company of ISLM, previously faced VARA's scrutiny regarding the legal issuance, marketing, and distribution of the token. Throughout VARA's inquiry, BG cooperated fully, implementing corrective measures, including enhanced public disclosures for market confidence. Before the discovery, VARA previously perceived these issues as a "technical non-compliance".
As a consequence of the ban, BG is unable to secure VARA's approvals for ISLM distribution in the Dubai market. Until such approvals are obtained, domestic promotion or access facilitation is not permissible.