– The UAE published its long-awaited crypto regulations that sets licensing and authorization requirements for any virtual asset company or issuer.
– In the last 7 days, XMR increased by 10.26%, while ZEC increased by 9.94%.
– XMR can increase 9.22% by the end of February, and ZEC can increase by 11.36%.
According to the new jurisdiction within the United Arab Emirates (UAE), any issuance of or activities tied to anonymity-enhancing cryptocurrencies are prohibited in Dubai.
These new rules define any cryptocurrencies that enhance a user’s anonymity as “a type of Virtual Asset which prevents the tracing of transactions or record of ownership through distributed public ledgers and for which the [Virtual Asset Service Provider] has no mitigating technologies or mechanisms to allow traceability or identification of ownership.”.
Dubai’s new rule means that cryptocurrencies such as Monero (XMR) and Zcash (ZEC) will not be allowed, and today, we will go over the XMR and ZEC price prediction to see how they have been affected.
Overview Of The New Rules Set By VARA
Among some of the other rules, entities cannot describe themselves as virtual asset businesses unless the VARA licenses them. Large proprietary traders that invest $250 million, or more in crypto, are required to register with VARA.
The regulator has also set numerous fees for a variety of different services. These can range between 40,000 dirhams to 200,000 dirhams.
Violating any rules related to market conduct can also lead to fines of up to 20 million dirhams for individuals or 50 million for a virtual asset provider, such as the case might be with exchanges or payment processors.
Monero (XMR) And Its Future Value
Throughout February 9, 2022, Monero (XMR) had its average value at $164.8.
Going over the 7-day performance of the cryptocurrency, XRM saw its low point at $162.28, while its high point was at $178.93. Here we can see a difference in the value of $16.65, or by 10.26%.
When we go over the 24-hour performance of the Monero (XMR) cryptocurrency, we can see that the low point was at $161.72, while the high point was at $168.12. This marked an additional increase of $6.4, or by 3.96%.
Considering all of this, XRM can climb to $180 by the end of February 2022.
Zcash (ZEC) And Its Value Outlook For The Future
Throughout February 9, 2022, Zcash (ZEC) was trading at an average value of $44.9.
When we go over the 7-day performance, Zcash (ZEC) had its low point at $43.35, while its high point was at $47.66. Here we can see an increase of $4.31 or 9.94%.
Regarding the 24-hour performance, Zcash (ZEC) saw its low point at $43.07, while its high point was at $46.05. This marked an additional increase of $2.98, or 6.92%.
With this in mind, ZEC can reach $50 by the end of February 2022.
Moving Forward With Cryptocurrency Investments In Privacy Cryptocurrencies
Monero (XMR) and Zcash (ZEC) are cryptocurrencies that are still climbing in value, despite the Dubai ban on privacy coins.
While the new regulatory framework published by VARA is exceptional news for any company that aims to operate there within the digital currencies space, as they finally know what to follow, it is important to remember that cryptocurrencies operate globally.
As such, even privacy coins can find appeal and usage outside of Dubai.
XMR and ZEC will continue their growth and reach new heights even after February. The ban in Dubai ban will only be a small bump on the road for these cryptocurrencies.
If anything, this has put them in front of mainline media again, giving them much-needed attention and increasing their appeal and value.
