#EUPrivacyCoinBan

The European Union is advancing legislation that could effectively ban privacy-focused cryptocurrencies such as Monero (XMR), Zcash (ZEC), and Dash (DASH). A leaked draft of proposed anti-money laundering (AML) regulations, circulated by Czech officials, would prohibit banks and crypto-asset service providers from holding or transacting with “anonymity-enhancing coins” .  

This initiative is part of the EU’s broader effort to increase transparency in the crypto sector. The proposed measures would also require identity verification for all crypto transactions, regardless of amount, including those involving self-hosted wallets .  

While proponents argue these steps are necessary to combat illicit activities like money laundering and ransomware attacks, critics contend that such regulations infringe on financial privacy and could drive innovation away from the EU .