The United Arab Emirates (UAE) has banned privacy altcoins such as Monero (XMR) and Zcash (ZEC) under new regulations for crypto assets.
in the United Arab Emirates Virtual Assets Regulatory Authority (VARA)for virtual asset companies and issuers wishing to operate in Dubai licensing And Authorization requirements published new regulations.
In line with these published regulations, increasing anonymity and “instigated a crime” proposed monero, Zcash And Tornado Cash (TORN) Cryptocurrencies such as
Within the scope of the said ban, crypto money institutions that are currently operating or will be established in Dubai in the future will be able to use such assets. to serve, to trade And will not be tolerated to produce assets of a similar nature.
Blockchain intelligence firm that closely follows similar regulations TRM Labs, He made the following statements that what happened was not surprising:
The concealment of funds flows makes it difficult to detect illegal activities. It is therefore not surprising that regulators react strongly to such asset classes and mechanisms.
Crypto activities in Dubai, established last year Virtual Assets Regulatory Authority new regulations while being overseen by implemented by this institution.