Themis Qi

Dubai plans to ask licensed virtual asset issuers and service providers to disclose the names of crypto whales to protect consumers as the city in the United Arab Emirates vies to become a global hub for the burgeoning sector.

If the majority of tokens are owned by its creator or an institution, their names should be disclosed, Virtual Assets Regulatory Authority chief executive Matthew White told The Standard.

This will help investors know more about the products as most tokens are not owned by their creators but by third parties like venture capitalists, he said.