#EUPrivacyCoinBan Today, Sunday, May 4, 2025, the topic #EUPrivacyCoinBan is in the spotlight due to the recent approval by the European Union of a strict regulation that prohibits privacy coins and anonymous cryptocurrency accounts starting July 1, 2027.
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🔒 What is being prohibited?
The new EU Anti-Money Laundering Regulation (AMLR) stipulates:
Prohibition of privacy coins: Cryptocurrencies like Monero (XMR), Zcash (ZEC), and Dash (DASH), known for offering anonymity in transactions, will be banned from the European market.
End of anonymous accounts: Exchanges, banks, and crypto asset service providers (CASPs) will no longer be able to maintain or offer accounts without user identification.
Mandatory identity verification: All cryptocurrency transactions above €1,000 will require full identity verification (KYC) for both senders and recipients.
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🏛️ Supervision and enforcement
The Anti-Money Laundering Authority (AMLA) will be created to directly supervise up to 40 large CASPs operating in at least six EU countries or moving over €50 million per year.
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⚖️ Reactions and implications
Criticism: Experts and privacy advocates argue that the measure may harm journalists, activists, and ordinary citizens who use these tools to protect their financial privacy.
Market impact: Exchanges like Binance and Kraken have already begun removing privacy coins from their platforms in Europe, anticipating the new rules.
Possible global effect: The EU is positioning itself as a leader in cryptocurrency regulation, and other jurisdictions may follow suit in the coming years.
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📌 Conclusion
The #EUPrivacyCoinBan represents a significant shift in the European Union's approach to privacy in the cryptocurrency sector. Users and companies operating with privacy coins will need to adapt to the new requirements by 2027.
