The European Union is preparing for significant changes in the crypto industry: starting from July 1, 2027, new anti-money laundering (AML) rules will prohibit anonymous cryptocurrency accounts and privacy coins such as Monero (XMR) and Zcash (ZEC). According to the AML Regulation (AMLR), banks, financial institutions, and crypto-asset service providers (CASPs) will not be able to support anonymous wallets or assets that conceal user data. This decision aims to enhance transparency and combat illegal activities in the digital space.
The new Anti-Money Laundering Agency (AMLA) will oversee 40 major crypto platforms operating in at least six EU countries, with transaction volumes exceeding 50 million euros or 20,000 customers. Transactions of 1,000 euros or more will require mandatory identity verification. Critics argue that such measures may stifle innovation and financial privacy, while regulators insist on the necessity of combating money laundering.
These changes will force the crypto industry to adapt to new realities. Stay updated on the world of cryptocurrencies and subscribe to #MiningUpdates to keep informed!
