#EUPrivacyCoinBan

The European Union plans to ban privacy coins and anonymous crypto accounts by July 1, 2027, as part of its new Anti-Money Laundering Regulation (AMLR). This regulation prohibits financial institutions, credit entities, and crypto asset service providers (CASPs) from managing anonymous accounts or supporting privacy-focused cryptocurrencies like Monero and Zcash.

The aim is to increase transparency in digital transactions to combat financial crimes. The AMLR targets tools that obscure transaction details, including anonymous bank accounts and payment systems. CASPs operating in at least six EU member states will be directly supervised by the new Anti-Money Laundering Authority (AMLA) starting July 2027. This move aligns with global efforts against illicit financing.

The crypto industry faces challenges in complying with these extensive regulations. While supporters argue this will curb illicit activities, critics worry about the impact on financial privacy and innovation.