#EUPrivacyCoinBan

As with any new measures imposed by the European Union (EU), there's a new approach tailored toward harmonization across member states for preventing cybercrimes through the Anti-Money Laundering Regulation (AMLR)⚖️, which comes into effect on July 1, 2027. This regulation prohibits the use of privacy-enhancing cryptocurrencies such as Monero, Zcash, and Dash, as well as anonymous crypto accounts. Service providers in the cryptocurrency sector are now required to carry out stringent Know Your Customer (KYC) verification processes for any activity exceeding €1,000, akin to the practices employed within conventional banking. The newly established Anti-Money Laundering Authority (AMLA) will monitor the more prominent crypto service providers, focusing their scrutiny on those exceeding 20,000 users or €50 million in transactional value. Detractors of the bill maintain that restricting people’s freedom and invading privacy goes against basic human virtues. Proponents, on the other hand—and rather ironically—suggest that the amendment curtails the risk of financing crimes. Unsurprisingly, the new measures resulted in severe volatility in the cryptocurrency markets, erasing users’ private coins total supply and cashing in on soaring trade volumes.