Dubai’s financial regulator has banned privacy-focused cryptocurrencies like Monero (XMR) and Zcash (ZEC) from use on regulated exchanges.
The new rules, issued by the Dubai Financial Services Authority (DFSA), took effect earlier today, Jan. 12, and apply across trading, promotion and fund activity in the Dubai International Financial Centre (DIFC).
“A person must not in or from the DIFC carry on a financial service relating to a privacy token or that involves the use of a privacy device,” the document reads. However, residents are still allowed to hold privacy coins in private wallets.
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