CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$27,654.00
  • ethereum
    ETH$1,750.85
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Dubai Forbids Operations With Monero, Zcash, and Other Privacy Coins

    Dubai Forbids Operations With Monero, Zcash, and Other Privacy Coins

    Author: Dimitar Dzhondzhorov

    Last Updated Feb 8, 2023 @ 13:50

    The new regulations imposed by Dubai’s VARA disallowed the employment of privacy coins, such as XMR and ZEC.

    Dubai’s Virtual Assets Regulatory Authority (VARA) prohibited all activities involving privacy coins such as Monero (XMR) and Zcash (ZEC).

    The regulator has also enforced certain rules on the domestic cryptocurrency sector to turn the city into an “international hub for virtual assets.”

    Dubai’s new Policy

    According to the recently released document, operations with anonymity-enhancing digital assets like XMR and ZEC are now forbidden in the financial heart of the United Arab Emirates – Dubai. 

    The local watchdog also set authorization requirements that crypto firms need to pass before popping up in the region.

    The most fundamental principles include anti-money laundering obligations, marketing protocols, prevention of insider trading, and observing whether the asset class is used in criminal activities. Angela Ang – Senior Policy Advisor at blockchain intelligence firm TRM Labs – commented:

    ADVERTISEMENT

    “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.”

    The updated regime aims to provide maximum security for local consumers and establish Dubai as a global center of blockchain technology. The regulator previously gave provisional licenses to Binance and Crypto.com to provide services in the area, while FTX was allowed to establish regional headquarters.

    The biggest airline company in the UAE – Emirates Airline – displayed intentions to accept bitcoin as a means of payment and use blockchain technology to trace records of aircrafts. 

    Another example of Dubai’s pro-crypto stance is the luxurious five-star hotel Palazzo Versace Dubai. It allowed clients to pay for accommodation, spa services, and dining in digital currencies. The supported assets are Bitcoin (BTC), Ether (ETH), and Binance Coin (BNB).

    Not Only Dubai

    The Japanese authorities prohibited the usage of privacy coins, such as Monero (XMR), Zcash (ZEC), and Dash (DASH), in 2018 over concerns that wrongdoers employ such tokens in their illicit operations. 

    Some of the leading exchanges have also de-listed those assets from their platforms. Bittrex did so at the beginning of 2021 without providing any particular reason.

    Huobi Global paused the trading of seven privacy coins (with XMR and ZEC being some of them) in September 2022 “in compliance with the latest financial regulations.”

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • Deribit_Dubai
      Deribit Eyes Dubai Amidst Global Expansion Plans: Report
    • ArrestJail
      Two Criminals Jailed for Stealing From Bitcoin Investors in Dubai (Report)
    • Dubai
      Luxury Hotel in Dubai Accepts Shiba Inu as Payment Method
    Tags: Dubai Monero Zcash
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Dimitar Dzhondzhorov
    More posts by this author

    Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.

  • bitcoin
    BTC$27,654.00
  • ethereum
    ETH$1,750.85
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    How to Keep Your Crypto Safe, MetaMask Future Plans, and Digital Identities: Talking Wallets With PM Alex Jupiter

    How to Keep Your Crypto Safe, MetaMask Future Plans, and Digital Identities: Talking Wallets With PM Alex Jupiter

    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!