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Japan’s Liquid Exchange to Eliminate Zcash for Singapore License

 

Liquid, the Japanese crypto-currency exchange, would be removing Zcash (ZEC), which focuses on privacy, from the list to apply for a license to operate in Singapore.

The Electric Coin Company, which develops the Zcash crypto currency, announced the news on a tweet on July 22. They explained that Zcash will be removed from Liquid along with 28 other tokens.

Liquid, which recently ranked number 6 among the top exchanges in CryptoCompare, has not yet published an official statement on whether they plan to remove Zcash. Cointelegraph contacted the exchange with further inquiries and will update the article pending any new information.

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According to Electric Coin Company, Liquid’s decision was „taken with great caution“ to move the licensing process forward.

The developer of Zcash emphasized that, despite its privacy-oriented nature, Zcash is „fully compliant“ with anti-money laundering, or AML, and anti-terrorist financing, or CFT, regulations. The Electric Coin Company noted that this is in line with the December 2019 notice from Singapore’s central bank and financial regulator, the Monetary Authority of Singapore, or MAS.

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Expressing the hope that Liquid will soon reverse its decision to eliminate Zcash, the Electric Coin Company continued:

„We are not aware of any other exchange taking a similar course of action. However, we are always available to assist exchanges that wish to better understand how Zcash fits into a regulatory framework and how exchanges can meet their AML/CFT obligations.

What is Zcash?
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Zcash is one of the most popular privacy-oriented crypt coins along with coins like Monero (XMR). As opposed to public block chains of crypts such as Bitcoin Era, Zcash is designed to allow users to selectively disclose private information about their transactions. Despite some reports that over 99% of Zcash transactions are traceable, there is apparently still a trend to eliminate privacy coins like Zcash, as major exchanges like Coinbase did in August 2019.

On the other hand, in April 2020, Bitstamp planned to include Zcash in the midst of a growing number of exchanges that were seeking to distance themselves from privacy coins due to the associated regulatory risks.