#EUPrivacyCoinBan

The European Commission has announced a ban on privacy-focused cryptocurrencies, such as Monero (XMR), Zcash (ZEC), and Dash, as well as anonymous wallets, effective July 1, 2027, as part of the new Anti-Money Laundering Regulation (AMLR).

📜 Key points in the regulation:

Ban on privacy-enhancing currencies: Digital asset service providers (CASPs) and financial institutions will be prohibited from supporting or dealing with currencies that conceal users' identities or transaction details.

Prohibition of anonymous accounts: Banks and trading platforms are banned from maintaining accounts that do not require identity verification (KYC).

Identity verification for large transactions: The identity of the sender and recipient must be verified for any transaction exceeding €1,000.

Creation of a new regulatory authority: The European Union will establish an Anti-Money Laundering Authority (AMLA) to monitor compliance, especially for institutions dealing with more than 20,000 users or exceeding €50 million in transactions annually.

⚖️ Reactions:

Regulators welcome this step to enhance transparency and combat financial crimes. However, privacy advocates express concern that this ban could restrict digital freedoms and negatively impact users who rely on these currencies to protect their privacy.