#EUPrivacyCoinBan

#EUPrivacyCoinBan The European Union has officially banned privacy cryptocurrencies and anonymous cryptocurrency accounts as part of its new Anti-Money Laundering Regulation (AMLR). This regulation, set to take effect on July 1, 2027, aims to increase transparency in digital financial transactions and combat illicit activities such as money laundering and terrorist financing. *Affected privacy coins:*

- *Monero (XMR)*: Known for its private and untraceable transactions

- *Zcash (ZEC)*: Offers selective transparency, allowing users to hide their transactions

- *Dash*: Provides a private spending option

*Key changes:*

- *Identity verification*: Cryptocurrency transactions exceeding 1000 euros will require verification of the sender's and receiver's identity

- *Anonymous accounts*: Cryptocurrency asset service providers will no longer support anonymous accounts

- *Regulatory oversight*: The Anti-Money Laundering Authority (AMLA) will oversee major cryptocurrency companies operating in the EU

*Impact:*.