The European Parliament has officially adopted a new regulation to combat money laundering (AMLR), which will come into effect on July 1, 2027, and includes a direct ban on the use of certain cryptocurrencies known as "privacy coins" within EU countries.

What are the main points of this law?

1. Ban on Privacy Coins

The use of cryptocurrencies that hide the sender's and receiver's data, as well as the amount, will be prohibited, such as:

Monero (XMR)

Zcash (ZEC)

Dash (DASH)

by cryptocurrency service providers (such as exchanges and wallets).

2. Ban on Anonymous Accounts and Wallets

All accounts associated with cryptocurrencies must be in the name of a real person and identified. Anonymous accounts and wallets will be completely banned.

3. Identity Verification for Large Transactions

Any cryptocurrency transaction exceeding 1,000 euros will require full identity documentation, just like in traditional banking systems.

4. New Supervisory Authority (AMLA)

The European Union will establish a special supervisory authority (AMLA) to monitor the compliance of major companies in the cryptocurrency sector, especially those with more than 20,000 users or dealing with annual amounts exceeding 50 million euros.

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How has this decision affected the market?

Despite the future ban, privacy coins like Monero and Zcash experienced a slight increase in prices immediately after the announcement.

Some platforms, such as Binance and Kraken, have already started removing