⛔ANONYMOUS CRYPTO ACCOUNTS PROHIBITED IN THE EUROPEAN UNION.
📌The European Union (EU) has announced that it will ban anonymous cryptocurrency accounts and privacy tokens starting in 2027. This measure is part of a broader regulatory framework against money laundering (AMLR) aimed at curbing illicit activities and increasing oversight in the crypto ecosystem.
◾*Key details of the regulation:*
▪️- *Ban on anonymous accounts*: Credit institutions, financial institutions, and cryptocurrency service providers will be prohibited from maintaining anonymous accounts or handling cryptocurrencies that preserve privacy.
▪️- *Affected privacy tokens*: Coins like Monero (XMR) and Zcash (ZEC) could be affected by this regulation.
▪️- *Direct supervision*: Cryptocurrency service providers operating in at least six member states will be under the direct supervision of the Anti-Money Laundering Authority (AMLA).
▪️- *Materiality thresholds*: The AMLA will select entities for direct supervision based on thresholds such as 20,000 clients residing in the host member state or a total transaction volume exceeding 50 million euros.
▪️- *Reporting obligation*: A reporting obligation will be implemented for transactions exceeding 1,000 euros.
📌This regulation aims to increase transparency and security in the cryptocurrency market in the EU, although it could have implications for users seeking to maintain their anonymity in cryptocurrency transactions.
