#EUPrivacyCoinBan The European Union has announced a ban on the use of so-called "privacy coins" and anonymous cryptocurrency accounts, which will come into effect on July 1, 2027. This decision is part of a new Anti-Money Laundering Regulation (AMLR) aimed at increasing the transparency of financial transactions in the cryptocurrency sector.

What does the ban cover?

Ban on "privacy coins": Cryptocurrencies that provide a high level of anonymity will be prohibited. This means that financial institutions and cryptocurrency platforms will not be able to offer or service them.

Ban on anonymous accounts: All cryptocurrency accounts will have to be linked to the user's identity. Platforms will be required to implement KYC (Know Your Customer) procedures, meaning that user identity verification will be necessary.

Requirement to verify transactions over 1000 euros: Any transaction exceeding this amount will require full identification of the sender and recipient.

Why is the EU implementing these changes?

The goal is to limit the potential for cryptocurrencies to be used for illegal activities such as money laundering or financing terrorism. Regulators argue that anonymous transactions make it difficult to trace the flow of funds and identify illegal activities.

What does this mean for users?

For holders of "privacy coins": After July 1, 2027, there will be no legal way to trade or store these cryptocurrencies on platforms operating in the EU.