Dubai bans privacy coins Zcash and Monero

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Updated February 9, 2023 | Published February 9, 2023

2 mins read

The Emirate prohibits “anonymity-enhancing” cryptocurrencies.

Dubai has banned all activities related to Monero (XMR) and Zcash (ZEC) cryptocurrencies.

The city in the United Arab Emirates recently published crypto regulations outlining the requirements for licensing and authorization for virtual asset companies and issuers hoping to operate in Dubai.

The long-awaited rules define coins like XMR and ZEC as anonymity-enhancing cryptocurrencies.

Both coins are seen as acting as a “type of virtual asset which prevents the tracing of transactions or record of ownership through distributed public ledgers, and for which the Virtual Asset Service Provider (VASP) has no mitigating technologies or mechanisms to allow traceability or identification of ownership”.

Last year, the Virtual Assets Regulatory Authority (VARA) was set up to supervise all crypto activities in the city.

Outside of Dubai, regulators in Japan have made the move to forgo privacy-enhancing crypto and the European Union is said to be considering banning all untraceable tokens.

TRM Labs senior policy advisor Angela Ang said: “Any obfuscation of fund flows poses a challenge to detecting illicit activities, so it is unsurprising that regulators react strongly to these kinds of asset classes and mechanisms.”

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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