The decision to delist privacy-focused tokens came as a response to the #European Union’s implementation of the Markets in Crypto Assets (MiCA) regulation.
This regulation includes the “travel rule” for crypto transactions, which requires enhanced transparency and information sharing. Consequently, there is a potential risk for firms facilitating the trading of privacy coins to be non-compliant with EU law.
EU policymakers have established clear regulations with the goal of positioning Europe as a leading hub for cryptocurrencies and digital assets. In July, the European Securities and Markets Authority (ESMA) is set to initiate a consultation process for MiCA.
These laws have an implementation timeline of 18 months to ensure full compliance and effective implementation of the regulatory framework.
#cryptocurrency companies, including #Ripple , have expressed their appreciation for the regulatory clarity provided by the MiCA (Markets in Crypto Assets) regulations.
#Binance ’s decision to cease support for privacy coins dealt a major blow to advocates of these cryptocurrencies in Europe. Earlier, leading exchanges such as Kraken, Huobi, and Bittrex had already delisted popular privacy coins like Monero and Dash.
In other jurisdictions such as #Dubai , Japan, and South Korea, authorities have taken a firm stance regarding anonymity-enhancing cryptocurrencies.
These governments have adopted a clear-cut approach by implementing strict measures to crack down on these privacy coins. Outright bans have been imposed in some cases where there has been an explicit prohibition of the trading and issuance of privacy coins.
