#EUPrivacyCoinBan
The European Union plans to ban anonymous cryptocurrency accounts and so-called privacy coins, such as Monero (XMR)$ and Zcash (ZEC), by 2027. This measure is part of the new anti-money laundering regulation (AMLR), aimed at increasing transparency in digital transactions and preventing their misuse for illegal activities.
Under AMLR, cryptocurrency service providers (CASPs), banks, and financial institutions will be strictly prohibited from supporting anonymous transactions or privacy-focused cryptocurrencies. The new rules also introduce an identity verification requirement for transactions over €1,000.
The regulation establishes direct supervision over major cryptocurrency companies through a new authority, the Anti-Money Laundering Authority (AMLA), which will oversee firms operating in six or more EU member states.
This decision has sparked criticism from financial privacy advocates, who warn of potential infringements on civil liberties. Regulators, however, argue that these measures will help combat financial crime and ensure that cryptocurrencies are subject to the same rules as traditional finance.