#EUPrivacyCoinBan

The European Union has agreed to ban privacy coins and anonymous cryptocurrency wallets by July 1, 2027, as part of its Anti-Money Laundering Regulation (AMLR). This move aims to increase transparency in digital transactions and prevent illicit activities.

*Banned Privacy Coins:*

- *Monero (XMR)*: A decentralized, private cryptocurrency

- *Zcash (ZEC)*: A privacy-focused cryptocurrency

- *Dash (DASH)*: A cryptocurrency offering enhanced privacy features

*Key Changes:*

- *Identity Verification*: Required for crypto transactions over €1,000

- *Anonymous Accounts*: Banned across the EU

- *New Regulatory Body*: Anti-Money Laundering Authority (AMLA) will oversee major crypto firms

This regulation may impact crypto users and service providers operating within the EU ¹ ².