#EUPrivacyCoinBan

The European Union has enacted the Anti-Money Laundering Regulation (AMLR), set to take effect on July 1, 2027, aiming to enhance transparency in the cryptocurrency sector. This regulation will prohibit anonymous crypto accounts and privacy-focused coins such as Monero (XMR), Zcash (ZEC), and Dash (DASH). Crypto asset service providers (CASPs) will be required to implement stringent Know Your Customer (KYC) procedures, including identity verification for transactions exceeding €1,000. A new supervisory body, the Anti-Money Laundering Authority (AMLA), will oversee compliance across major platforms. While the EU views these measures as essential to combat illicit financial activities, critics argue they may infringe on individual privacy rights and stifle innovation in the decentralized finance space .