#EUPrivacyCoinBan The European Union has finalized the Anti-Money Laundering Regulation (AMLR), set to ban privacy coins and anonymous crypto accounts starting July 1, 2027. Key points from recent reports:
- **Scope of the Ban**: The AMLR prohibits financial institutions, banks, and crypto-asset service providers (CASPs) from offering or managing anonymous accounts, including crypto wallets that enable transaction anonymization. Privacy-focused coins like Monero, Zcash, and Dash will be banned from exchanges and platforms.
- **Implementation**: The regulation requires full Know Your Customer (KYC) checks for all crypto transactions, even from self-custody wallets, with identity verification mandatory for transfers over €1,000. The European Banking Authority (EBA) will issue further technical details over the next two years.
- **Oversight**: A new EU agency, the Anti-Money Laundering Authority (AMLA), will supervise major crypto firms with over 20,000 users or €50 million in annual transactions. Non-compliant decentralized exchanges may face IP address blocks by 2029.
- **Market Impact**: Despite the ban, privacy coins like Monero and Zcash saw gains of 5% and 3% on May 2, 2025, possibly due to short-term speculation or external factors like hackers converting stolen Bitcoin to Monero.
- **Criticism**: Critics argue the ban is heavy-handed, potentially stifling innovation and infringing on financial privacy. Some suggest privacy-preserving tools like zero-knowledge proofs could balance compliance and user privacy.
- **Sentiment on X**: Posts on X reflect mixed reactions, with some users criticizing the EU for curbing privacy and others highlighting the need to adapt to the new rules.
The ban aims to combat illicit finance but has sparked debate over privacy versus transparency. Crypto platforms must adapt over the next two years, while users may need to plan for compliance or explore decentralized alternatives.
*Note*: Information from X posts is inconclusive and reflects user sentiment, not verified facts. For pricing or subscription details related to crypto services, check official sources like.