#EUPrivacyCoinBan

The European Union announced a ban on privacy-focused cryptocurrencies, such as Monero (XMR) and Zcash (ZEC), as well as anonymous crypto accounts, effective July 1, 2027. This decision is part of the new Anti-Money Laundering Regulation (AMLR), which aims to enhance financial transparency and combat illegal activities in the field of digital assets.

Key provisions of the regulation:

• Ban on privacy coins: The trading or support of currencies that allow user anonymity, such as Monero, Zcash, and Dash, will be prohibited within EU member states.

• Prohibition of anonymous accounts and wallets: Providers of digital asset services (CASPs), banks, and financial institutions will be forbidden from holding anonymous accounts or wallets.

• Mandatory identity verification (KYC): Identity verification procedures will be imposed for all transactions exceeding €1,000, bringing cryptocurrency rules closer to traditional banking standards.

• Creation of a new regulatory body (AMLA): The European Anti-Money Laundering Authority (AMLA) will be established to directly oversee up to 40 digital asset service providers in EU countries, especially those with more than 20,000 users or handling amounts exceeding €50 million annually.