#EUPrivacyCoinBan

Privacy Coin Ban in the EU: A Step Towards Stricter Crypto Regulations

$ZEC

The European Union is advancing legislation to ban privacy-focused cryptocurrencies—such as Monero (XMR), Zcash (ZEC), and Dash (DASH)—as part of a broader effort to strengthen anti-money laundering (AML) regulations.CoinMarketCap+4Crypto Briefing+4Disruption Banking+4

$DASH
Key Details:

Ban on Privacy Coins: A leaked draft of the EU's AML regulation proposes that financial institutions and crypto-asset service providers be prohibited from holding or transacting with "anonymity-enhancing coins." This measure targets cryptocurrencies designed to obscure transaction details, making them harder to trace. Disruption Banking+4PYMNTS.com+4CoinMarketCap+4

Regulatory Rationale: The EU aims to mitigate risks associated with cryptocurrencies that facilitate anonymous transactions, which are perceived to be susceptible to misuse in illicit activities. CoinDesk

Broader AML Measures: The proposed legislation is part of a comprehensive AML package that includes the establishment of a new EU-wide anti-money laundering authority (AMLA), restrictions on large cash transactions, and enhanced due diligence requirements for crypto transactions, including those below €1,000. The Block+7CoinMarketCap+7CPO Magazine+7

Implementation Timeline: According to recent reports, the EU plans to enforce a blanket ban on privacy-preserving coins like Monero by 2027 as part of its AML initiatives. Wikipedia

Market Impact:

The anticipation of these regulatory changes has led to significant actions by major cryptocurrency exchanges. For instance, Binance delisted Monero in early 2024, and Kraken followed suit by suspending Monero trading and deposits for users in the European Economic Area later that year

Zcash ($ZEC ): Priced at $34.51, reflecting a decrease of 3.50% in the last 24 hours.

Dash (DASH): Currently at $21.94, down by 4.02% from the previous close