The European Union has officially announced a ban on privacy coins and anonymous cryptocurrency accounts, set to take effect on July 1, 2027. This move is part of the EU's new Anti-Money Laundering Regulation (AMLR), aiming to enhance financial transparency and combat illicit activities within the crypto ecosystem.
Key Details of the EU's Privacy Coin Ban
Scope of the Ban: The AMLR prohibits financial institutions, banks, and crypto service providers (CASPs) from maintaining or managing anonymous accounts. This includes crypto accounts that enable transaction anonymization and wallets that use privacy-focused coins such as Monero (XMR), Zcash (ZEC), and Dash.
Transaction Monitoring: All crypto transactions exceeding €1,000 will require identity verification for both the sender and receiver, aligning crypto regulations with traditional banking standards.
