Dubai Prohibits Anonymity-Enhancing Cryptocurrencies under New Crypto Regulations

By Kevin

Dubai has banned the issuance and activities related to anonymity-enhancing cryptocurrencies such as Zcash and Monero.

The UAE has published its long-awaited crypto regulations that set licensing and authorization requirements for virtual asset companies.

Anonymity-enhancing crypto is defined as "preventing the tracing of transactions or record of ownership".

Other jurisdictions like Japan and the EU are considering prohibiting privacy-enhancing cryptocurrencies.

Obfuscation of fund flows is seen as a challenge to detecting illicit activities.

Dubai's virtual assets activities are supervised by its Virtual Assets Regulatory Authority (VARA).

Dubai is actively attracting crypto and blockchain companies to establish in the emirate.