#EUPrivacyCoinBan The European Union decides to ban anonymous digital currencies and privacy tokens by 2027

The European Union has announced its intention to implement a comprehensive ban on anonymous digital currencies and privacy tokens by 2027, as part of a package of stringent legislation aimed at combating money laundering and financing of terrorism.

This European decision aligns with broader efforts to curb illicit activities by imposing strict rules on the handling of digital assets that allow for the concealment of users' identities.

According to the new legislation, digital currency service providers will be required to implement mandatory customer identity verification procedures for transactions exceeding 1000 euros, which will significantly impact trading volume and new user registrations.

On the other hand, these rules are being developed in collaboration with relevant bodies, such as the "European Initiative for Digital Currencies," and are based on feedback from stakeholders in the sector, indicating substantial changes in the way digital assets operate within the European market.