#EUPrivacyCoinBan $

The #EUPrivacyCoinBan refers to the European Union's proposed regulation to ban certain types of privacy-focused cryptocurrencies, known as "privacy coins," due to concerns over their potential use in illicit activities like money laundering and terrorist financing. Here's what's happening ¹:

Key Points

- *Ban on Privacy Coins*: The EU's Anti-Money Laundering Regulation (AMLR) aims to prohibit financial institutions and crypto-asset service providers from handling privacy coins like Monero (XMR), Zcash (ZEC), and Dash (DASH).

- *Identity Verification*: All crypto transactions over €1,000 will require identity verification starting July 1, 2027.

- *New AML Authority*: The AMLR establishes the Anti-Money Laundering Authority (AMLA) to oversee compliance and supervise major crypto firms operating within the EU.$BTC