#EUPrivacyCoinBan

The European Union is set to ban privacy coins like Monero, Zcash, and Dash by July 2027 under the new Anti-Money Laundering Regulation (AMLR). Article 79 prohibits financial institutions and crypto service providers from managing anonymous accounts or supporting privacy-focused cryptocurrencies, aiming to enhance financial transparency and combat illicit transactions. The EU’s Anti-Money Laundering Authority (AMLA) will oversee compliance, targeting firms with significant operations. Critics argue this stifles innovation and infringes on financial privacy, while supporters claim it strengthens market legitimacy. Crypto platforms must adapt, potentially integrating privacy-preserving technologies to balance compliance and user privacy.