Self-Custody and Crypto Tools Targeted

[madmax]

The UAE’s new law puts self-custody wallets, blockchain explorers, and even analytics platforms under the Central Bank’s licensing net.

Article 62 criminalizes offering or facilitating any financial activity via technology.

Developer Mikko Ohtamaa: “Only Bitcoin you are allowed to own is one permitted by the Central Bank of the UAE.”

This applies to wallet developers, API services, and decentralized protocols, even if located abroad.

Crypto companies now face unprecedented compliance risk for providing basic tools to UAE users.

[Abdul Khan]

Targeting self-custody raises red flags — it challenges the core principle of user freedom. ️

[Nahid Hossen]

Instead of restricting tools, regulators should educate users on safe custody practices. 🧠