Popular Japanese crypto exchange firm, Liquid has delisted 29 cryptocurrencies, including Monero (XMR), Zcash (ZEC), among others to abide by Singaporean crypto regulations. Liquid embarked on this delisting to become a licensed crypto firm in Singapore.
Crypto regulations in Singapore recently has been upgraded to meet standards set by the Financial Action Task Force (FATF).
Hence, the Japanese crypto exchange firm, which already applied for a license in Singapore, has to abide by regulations. It is worthy of mention that Quoine, Liquid’s parent firm, is licensed by the Japanese Financial Services Agency (FSA).
Cryptos Japanese crypto exchange delists to get Singapore license
After announcing last week that to comply with requirements Singaporean authorities set, certain tokens cannot continue to trade on their platform and would be removed.
Some of the digital assets as of Monday that would or already have been taken off are SNX, MITH, DRG, WLO, STORJ, WIN, VUU, XNK, PPL, ENJ, AMLT, DENT, FSN, GEN, LND, MITX, SPHTX, MRK, BRC, XMR, NEO, IPSX, ADH, ZEC, IHF, PMA, XLM, QAX, and HYDRO.
Trading of these coins on the Liquid platform already stopped; however, clients who hold a certain amount in the coin could still withdraw them. However, Liquid is not writing off all these coins as they revealed talks are ongoing with the regulators to relist some of them later.
As Singapore shore up regulations to comply with FATF standard, The Monetary Authority of Singapore issued a consultation paper on July 21 explaining enhanced AML/CFT requirements for virtual asset service providers (VASPs).
Zcash, Monero to be delisted owing to privacy concerns
After Electric coin company announced that the Japanese crypto exchange firm, Liquid told them they would be delisting Zcash, popular opinion among experts began to set in that the privacy coin is being removed owing to privacy concerns.
The opinion seems relevant as the privacy of Zcash has been debated in the past with a challenge taken on to trace the transaction of privacy-focused cryptocurrency. After the challenge was accepted, it took three days to trace transactions on the Zcash network.