The European Union is set to implement a significant regulatory shift with the #EUPrivacyCoinBan, banning privacy coins like Monero and Zcash by July 2027 under the new Anti-Money Laundering Regulation (AMLR). This move targets anonymity in crypto transactions, prohibiting credit institutions, financial entities, and crypto-asset service providers (CASPs) from handling anonymous accounts or privacy-enhancing cryptocurrencies. The regulation, finalized with implementation details still being refined, mandates identity verification for transactions over €1,000 and establishes the Anti-Money Laundering Authority (AMLA) to oversee compliance, targeting firms with 20,000+ users or €50M+ annual volume. Critics argue this stifles innovation and privacy rights, potentially pushing users to decentralized exchanges, while regulators claim it’s essential to combat money laundering and terrorism financing. The ban reflects a broader trend of tightening crypto oversight, aligning it with traditional banking standards. However, the global nature of crypto suggests enforcement challenges, with sentiment on X showing both concern and skepticism about its impact on financial freedom and market dynamics.
