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Dubai bans operations with Monero, Zcash and other privacy coins
Dubai's Virtual Assets Regulatory Authority (VARA) banned all activities with privacy coins such as Monero (XMR) and Zcash (ZEC). The regulator has also enforced certain rules for the domestic cryptocurrency sector in order to transform the city into an “international virtual asset hub.” Dubai's new policy According to the recently published document, operations with anonymity-enhancing digital assets such as XMR and ZEC are now banned in the financial hub of the United Arab Emirates - Dubai. The local regulator has also set authorization requirements that crypto firms must meet before emerging in the region. Among the most fundamental principles are anti-money laundering obligations, marketing protocols, the prevention of…
Dubai bans operations with Monero, Zcash and other privacy coins
Dubai's Virtual Assets Regulatory Authority (VARA) banned all activities with privacy coins such as Monero (XMR) and Zcash (ZEC).
The regulator has also enforced certain rules for the domestic cryptocurrency sector in order to transform the city into an “international virtual asset hub.”
Dubai's new politics
According to the recently publisheddocumentOperations with anonymity-enhancing digital assets such as XMR and ZEC are now banned in the financial hub of the United Arab Emirates – Dubai.
The local regulator has also set authorization requirements that crypto firms must meet before emerging in the region.
The most fundamental principles include anti-money laundering obligations, marketing protocols, preventing insider trading and monitoring whether the asset class is being used for criminal activity. Angela Ang – Senior Policy Advisor at blockchain intelligence firm TRM Labs – commented:
“Any concealment of money flows poses a challenge to detecting illegal activities, so it is not surprising that regulators are reacting strongly to these types of asset classes and mechanisms.”
The updated regime aims to provide maximum security for local consumers and establish Dubai as a global hub of blockchain technology. The regulator had previously granted interim licenses to Binance and Crypto.com to provide services in the region, while allowing FTX to establish regional headquarters.
The largest airline in the UAE – Emirates Airline –displayedIntentions to accept Bitcoin as payment and use blockchain technology to track aircraft records.
Another example of Dubai's pro-crypto stance is the luxurious five-star Palazzo Versace Dubai hotel. ItallowedCustomers can pay for accommodation, wellness services and food in digital currencies. The supported assets are Bitcoin (BTC), Ether (ETH) and Binance Coin (BNB).
Not just Dubai
Japanese authorities banned the use of privacy coins such as Monero (XMR), Zcash (ZEC) and Dash (DASH) in 2018 amid concerns that miscreants were using such tokens in their illegal operations.
Some of the leading exchanges have also delisted these assets from their platforms. Bittrex did this in early 2021 without giving any particular reason.
Huobi Global suspended trading in seven privacy coins (including XMR and ZEC) in September 2022 “in accordance with the latest financial regulations.”
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