🚨🇪🇺EU's New #Crypto AML #Rules

🔹New Oversight Measures: The EU will require crypto-asset service providers to record data on senders and recipients of crypto transfers.

🔹AML Regulation Expansion: These measures are part of the Anti-Money Laundering Regulation (AMLR), applying traditional AML rules to crypto.

🔹Effective Date: New rules will come into force on July 1, 2027.

🔹Privacy Coins Ban: EU-licensed entities will be barred from dealing with privacy coins like Monero (XMR), Zcash ($ZEC ), and Dash.

🔹No Anonymous Wallets: The regulation prohibits anonymous wallets and interactions with them via EU service providers.

🔹Self-Hosted#Wallets : Any crypto transfers #above €1,000 to/from self-hosted wallets will trigger mandatory identity verification.

🔹#Surveillance Criticism: Critics like Monero developer Riccardo Spagni argue these rules favor surveillance over privacy and do little to deter crime.

🔹Direct Agency Access: Agencies like the EU AML Authority will have immediate access to crypto account data from service providers.