๐๐จ EU to Prohibit Privacy Coins by 2027 ๐จ๐
The European Union has passed the Anti-Money Laundering Regulation, effective July 1, 2027, which bans privacy coins like Monero, Zcash ($ZEC ), and Dash ($DASH ), and prohibits anonymous crypto accounts. Financial institutions and crypto-asset service providers will be barred from managing or holding accounts that facilitate anonymous transactions.
The AMLR requires identity verification for crypto transactions over โฌ1,000 to strengthen anti-money laundering measures. The EU will establish the Anti-Money Laundering Authority (AMLA) to oversee compliance, directly supervising up to 40 major crypto-asset service providers across member states.
๐Disclaimer: This is not a financial recommendation, cryptocurrency investments are speculative, and past performance does not guarantee future results. Always conduct your own research and consider your risk tolerance.
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