#EUPrivacyCoinBan

The European Union is taking a decisive step in regulating crypto assets, planning to ban privacy-oriented cryptocurrencies and anonymous crypto wallets by July 2027. This decision is part of a broader package of measures to combat money laundering (AMLR), aimed at increasing the transparency of crypto transactions.

According to the new rules, crypto service providers (CASP), including exchanges and financial institutions, will be required to collect customer identification data (KYC) for all users, otherwise they will not be able to provide services in the EU. The ban will affect cryptocurrencies such as Monero and Zcash, which offer increased anonymity for transactions.