European Union Officially Signed: These Popular Altcoins Will Be Banned!

The European Union has signed a comprehensive regulation that will ban anonymous crypto accounts and privacy-focused coins such as Monero ($XMR), Zcash ($ZEC ), and Dash starting from July 1, 2027.

The Anti-Money Laundering Regulation ($AMLR), which the European Union has been working on for a long time, is now officially coming into effect. The new regulations completely prohibit financial institutions and cryptocurrency service providers from opening anonymous accounts or using privacy-enhancing cryptocurrencies. In this context, particularly privacy-focused coins known as Monero (XMR), Zcash (ZEC), and Dash will not be allowed to operate within EU borders.

The AMLR coming into effect will require identity verification for cryptocurrency transactions exceeding 1,000 euros. This signifies a significant change, especially for investors and users who take advantage of the anonymity of cryptocurrencies. The European Union is also establishing a new oversight mechanism to closely monitor the implementation of these regulations: the European Anti-Money Laundering Authority (AMLA).

Increased Oversight

With the European Union's new regulations, cryptocurrency service providers operating in at least six different regions in member countries will be directly subject to AMLA's oversight.

Platforms that will be subject to AMLA's oversight will be particularly selected from those with high transaction volumes and operating in different EU countries. For a platform to be placed directly under AMLA oversight, it must reach a minimum of 20,000 customers or have total transaction volumes of at least 50 million euros.

The European Union's firm step will also bring significant changes, especially for centralized exchanges and service providers.