Dubai prohibits operations with Monero, Zcash and other data protection regulations coins

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Dubais Virtual Assets Regulatory Authority (VARA) verbot alle Aktivitäten mit Privacy Coins wie Monero (XMR) und Zcash (ZEC). Die Regulierungsbehörde hat auch bestimmte Regeln für den inländischen Kryptowährungssektor durchgesetzt, um die Stadt in ein „internationales Zentrum für virtuelle Vermögenswerte“ zu verwandeln. Dubais neue Politik Nach den kürzlich veröffentlichten dokumentierenOperationen mit anonymitätsfördernden digitalen Assets wie XMR und ZEC sind jetzt im Finanzzentrum der Vereinigten Arabischen Emirate – Dubai – verboten. Die lokale Aufsichtsbehörde hat auch Autorisierungsanforderungen festgelegt, die Kryptofirmen erfüllen müssen, bevor sie in der Region auftauchen. Zu den grundlegendsten Prinzipien gehören Verpflichtungen zur Bekämpfung der Geldwäsche, Marketingprotokolle, die Verhinderung von …
Dubais Virtual Assets Regulatory Authority (Vara) banned all activities with privacy coins such as Monero (XMR) and ZCash (ZEC). The regulatory authority has also enforced certain rules for the domestic cryptocurrency sector in order to transform the city into an "international center for virtual assets". Dubai's new politics according to the recently published documentation operations with anonymity -promoting digital assets such as XMR and ZEC are now banned in the financial center of the United Arab Emirates - Dubai. The local supervisory authority has also determined authorization requirements that have to meet crypto companies before they appear in the region. The most basic principles include commitment to combating money laundering, marketing protocols, the prevention of ... (Symbolbild/KNAT)

Dubais Virtual Assets Regulatory Authority (Vara) banned all activities with privacy coins such as Monero (XMR) and ZCash (ZEC).

The regulatory authority has also enforced certain rules for the domestic cryptocurrency sector in order to transform the city into an "International Center for Virtual Insurance".

Dubai's new politics

according to the recently published document Preserver-Spaces = "True"> operations with anonymity-promoting digital assets such as XMR and ZEC are now in the financial center of the united Arabic Emirates - Dubai - banned.

The local supervisory authority also set authorization requirements that have to meet crypto companies before appearing in the region.

The most fundamental principles are obligations to combat money laundering, marketing protocols, the prevention of insider trade and the observation as to whether the asset class is used for criminal activities. Angela Ang-Senior Policy Advisor at the Blockchain-Intelligence company TRM Labs-commented:

"Every concealment of money flows is a challenge for the uncoveration of illegal activities, so it is not surprising that the supervisory authorities react strongly to this type of investment class and mechanisms."

The updated regime aims to offer maximum security for local consumers and to establish Dubai as a global center of blockchain technology. The regulatory authority had previously given Binance and Crypto.com preliminary licenses for providing services in the region, while FTX was allowed to establish regional headquarters.

The largest airline in the VAE-Emirates Airline- Display to accept Bitcoin as a means of payment and use blockchain technology To track records of aircraft.

Another example of Dubai's pro-crypto posture is the luxurious five-star hotel Palazzo Versace Dubai. It allowed Customers can pay accommodation, wellness offers and dishes in digital currencies. The supported assets are Bitcoin (BTC), Ether (Eth) and Binance Coin (BNB).

Not only Dubai

The Japanese authorities in 2018 prohibited the use of privacy coins such as Monero (XMR), ZCash (ZEC) and Dash (DASH), as there are concerns that culprits use such tokens in their illegal operations.

Some of the leading stock exchanges have also deleted these assets from their platforms. Bittrex did this in early 2021 without a special reason.

Huobi Global in September 2022 "in accordance with the latest financial regulations" exposed the trade with seven privacy coins (including XMR and ZEC).

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