The Electric Coin Company (ECC), a for-profit entity that launched and supports the development of Zcash (ZEC), wrote on Twitter that Liquid, a Japanese-based cryptocurrency exchange, will delist ZEC along with 28 other coins as part of process for applying for a license to operate in Singapore.
(1/5) We have been notified by Liquid that they will delist Zcash along with 28 other coins as part of their process for applying for a license to operate in Singapore.
— Electric Coin Company (@ElectricCoinCo) July 22, 2020
EEC claims the exchange's decision to delist the asset was made "out of an abundance of caution for the purpose of quickly obtaining a license."
In January, the Monetary Authority of Singapore (MAS) announced the new Payment Services Act, according to which, all crypto/blockchain-related providers must obtain a license from the state.
ECC adds ZEC is fully compatible with AML/CFT regulations, including those that apply to Singapore-based exchanges.
While the entity is not aware of any other cryptocurrency providers taking a similar course of action, ECC says it is ready to help other trading platforms to better understand how ZEC compatible with a regulatory framework.
"We are not aware of any other exchanges taking a similar course of action. However, we are always available to help exchanges who wish to better understand how Zcash fits within a regulatory framework, and how exchanges can comply with their AML/CFT obligations," ECC added.
Liquid's decision to delist ZEC also comes after the blockchain network of Zcash successfully experienced a hard fork at block 903000.
The so-called Heartwood upgrade improves interoperability through Flyclient support and allows the cryptocurrency miners to protect mining rewards in coinbase transactions.
In June, cryptocurrency mining company Argo doubled its resources in mining ZEC.
The company purchased 750 Bitmain Z11 mining units for $474,000 to add to the Company's existing 1,000 Bitmain Z11 mining units currently in production.
Argo CEO Peter Wall says the company believes that cryptocurrencies are well-positioned to become an even larger asset class, and that the correct strategy "is continued investment in mining infrastructure."
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