#EUPrivacyCoinBan

EUPrivacyCoinBan The European Union is set to ban privacy coins and anonymous cryptocurrency accounts by July 1, 2027, as part of its updated Anti-Money Laundering Regulation (AMLR). This move aims to increase transparency and prevent illicit activities in the crypto space.

*Affected Privacy Coins:*

- *Monero (XMR)*: A cryptocurrency focused on privacy and anonymity.

- *Zcash (ZEC)*: A decentralized and privacy-focused cryptocurrency.

- *Dash*: A cryptocurrency that offers optional privacy features.

*Key Changes:*

- *Anonymous Accounts*: Crypto service providers, exchanges, and financial institutions will be prohibited from offering services that don’t collect customer identification.

- *Transaction Monitoring*: Identity verification will be required for crypto transfers over €1,000, aligning crypto transactions with traditional banking standards.

- *Regulatory Oversight*: A new EU agency, the Anti-Money Laundering Authority (AMLA), will oversee major crypto firms operating in the bloc.¹ ² ³

*Impact:*

- *Increased Transparency*: The ban aims to prevent money laundering and illicit activities in the crypto space.