#EUPrivacyCoinBan The European Union decides to ban anonymous cryptocurrencies and privacy tokens by 2027
The European Union announced its intention to implement a comprehensive ban on anonymous cryptocurrencies and privacy tokens by 2027, as part of a package of strict legislation to combat money laundering and terrorism financing.
The European decision aligns with broader efforts to curb illicit activities by imposing strict rules on dealing with digital assets that allow for the concealment of users' identities.
According to the new legislation, cryptocurrency service providers will be required to implement mandatory customer identity verification procedures for transactions exceeding 1000 euros, which will significantly impact trading volumes and the registration of new users.
On the other hand, these rules are being developed in collaboration with relevant bodies, such as the "European Initiative for Digital Currencies," based on feedback from stakeholders in the sector, indicating substantial changes in the way digital assets operate within the European market.
