#EUPrivacyCoinBan

The European Union has passed the Anti-Money Laundering Regulation (AMLR), effective July 1, 2027, which bans anonymous cryptocurrency accounts and privacy-focused coins like Monero (XMR), Zcash (ZEC), and Dash. Aimed at combating money laundering and terrorist financing, the regulation prohibits crypto asset service providers (CASPs), banks, and financial institutions from supporting privacy coins or maintaining anonymous accounts. Transactions over €1,000 will require full KYC (Know Your Customer) verification. The Anti-Money Laundering Authority (AMLA) will oversee compliance, targeting 40 major CASPs operating in at least six EU member states. While enhancing transparency, the ban raises concerns about user privacy and financial freedom, potentially driving innovation to less regulated jurisdictions.One Feature: AMLA Supervision

The AMLA, a new EU regulatory body, will directly supervise large crypto platforms starting July 2027, ensuring compliance with the AMLR. It will select 40 CASPs based on criteria like having at least 20,000 customers or €50 million in transaction volume per member state. This oversight aims to enforce KYC and transparency rules, particularly targeting privacy coin transactions, and aligns crypto with traditional banking standards to curb illicit activities.