Privacy Coins Prohibited, Transaction Monitoring Tightened

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The establishment of new privacy regulations aims to restrict transactions involving the cryptocurrencies Monero (XMR), Zcash (ZEC), and Dash. The EU will ban all cryptocurrencies that aim to provide transaction anonymity from operating within its territory. Regulators claim that these coins enable users to carry out hidden criminal operations and money laundering schemes easily. The new regulatory framework imposes strict management requirements, where transactions exceeding 1,000 euros will require thorough identity verification of participants, including both senders and receivers. By adopting this measure, traditional banking standards can be better applied to the crypto transaction process.$BTC #EUPrivacyCoinBan