The European Union has officially banned privacy cryptocurrencies and anonymous cryptocurrency accounts as part of its new Anti-Money Laundering Regulation (AMLR). This regulation, set to take effect on July 1, 2027, aims to increase transparency in digital financial transactions and combat illicit activities such as money laundering and terrorist financing. *Affected privacy coins:*

- *Monero (XMR)*: Known for its private and untraceable transactions

- *Zcash (ZEC)*: Provides selective transparency, allowing users to conceal their transactions

- *Dash*: Offers a private spending option

*Key changes:*

- *Identity verification*: Cryptocurrency transactions exceeding 1,000 euros will require verification of the sender's and recipient's identity

- *Anonymous accounts*: Cryptocurrency service providers will no longer support anonymous accounts

- *Regulatory oversight*: The Anti-Money Laundering Authority (AMLA) will oversee major cryptocurrency companies operating in the EU

*Impact:*

- *Reduced anonymity*: The ban will effectively eliminate legal avenues for anonymous cryptocurrency transactions in the EU

- *Market effect*: Privacy-focused cryptocurrencies may see a decline in usage and value within the EU

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