#EUPrivacyCoinBan The European Union's ban on privacy coins and anonymous crypto accounts is set to take effect in 2027 under the Anti-Money Laundering Regulation (AMLR). This move aims to increase transparency and prevent illicit activities, targeting cryptocurrencies like Monero and Zcash. Key aspects of the ban include ¹ ²:

- *Prohibited Activities*: Financial institutions and crypto asset service providers are forbidden from maintaining anonymous accounts or handling privacy-preserving cryptocurrencies.

- *Customer Verification*: Identity verification will be mandatory for crypto transfers exceeding €1,000.

- *Regulatory Oversight*: The Anti-Money Laundering Authority (AMLA) will supervise major crypto firms operating in at least six EU countries.

- *Impact*: Critics argue this may stifle innovation and infringe on financial privacy, while regulators believe it's vital for combating illicit finance.