#EUPrivacyCoinBan The European Union’s Anti-Money Laundering Regulation (AMLR), effective July 1, 2027, will ban privacy coins like Monero, Zcash, and Dash, alongside anonymous crypto accounts, to combat illicit financial activities.

🫸🏻Under Article 79, financial institutions and crypto asset service providers (CASPs) are prohibited from handling anonymity-enhancing cryptocurrencies or maintaining anonymous accounts. This aligns crypto regulations with traditional banking, mandating Know Your Customer (KYC) checks for transactions exceeding €1,000.

🫸🏻The Anti-Money Laundering Authority (AMLA) will oversee compliance, targeting 40 major CASPs operating across at least six EU states, with thresholds of 20,000 users or €50 million in annual transactions.

🫸🏻Critics argue this heavy-handed approach stifles innovation and erodes financial privacy, impacting not just criminals but activists, journalists, and privacy-conscious citizens.