#EUPrivacyCoinBan The European Union has officially approved a comprehensive Anti-Money Laundering Regulation (AMLR) that includes a ban on privacy-focused cryptocurrencies such as Monero (XMR), Zcash (ZEC), and Dash (DASH). This regulation is set to take effect in 2027.
Key Provisions of the Regulation
Ban on Privacy Coins: Financial institutions and crypto-asset service providers within the EU will be prohibited from engaging with privacy-enhancing coins. This includes restrictions on holding, trading, or facilitating transactions involving these cryptocurrencies.
Restrictions on Anonymous Wallets: The regulation also targets anonymous crypto wallets. Custodial wallet providers will be required to verify the identities of their users, effectively banning services that offer anonymity.
Enhanced Transparency Measures: The AMLR aims to increase transparency in the crypto space by enforcing stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols across all crypto transactions.