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EU Adopts AMLR to Strengthen Crypto Oversight
The European Union has officially adopted the Anti-Money Laundering Regulation (AMLR) to strengthen crypto oversight. The new rules aim to increase transparency and prevent illicit activities within the cryptocurrency space.
Key Provisions of the AMLR:
* Ban on Anonymous Crypto Wallets: The AMLR will prohibit anonymous crypto wallets within the EU. This means that users will be required to verify their identity to use crypto wallets.
* Ban on Privacy Coins: The regulation will effectively ban privacy coins such as Monero, Zcash, and Dash. These cryptocurrencies are designed to obscure transaction details, making them attractive for illicit activities.
* Transaction Limit for Identity Verification: Starting in 2027, all crypto transactions over €1,000 will require identity verification. This measure aims to prevent larger-scale money laundering and terrorist financing.
* New AML Authority: A new EU-level Anti-Money Laundering Authority will be established to oversee large crypto platforms and ensure compliance with the AMLR.
Call to Action:
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* Create a post with the #EUPrivacyCoinBan or the $USDC cashtag.
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