#EUPrivacyCoinBan

#EUPrivacyCoinBan refers to the European Union’s Anti-Money Laundering Regulation (AMLR), effective July 1, 2027, which bans anonymous crypto accounts and privacy coins like Monero (XMR), Zcash (ZEC), and Dash. Article 79 of the AMLR prohibits financial institutions and crypto asset service providers (CASPs) from handling anonymity-enhancing cryptocurrencies or maintaining anonymous accounts, aiming to curb money laundering and illicit transactions. The regulation mandates full KYC for transactions over €1,000, aligning crypto with banking standards. A new Anti-Money Laundering Authority (AMLA) will oversee 40 major CASPs across six EU states. Critics argue this stifles innovation and infringes on financial privacy for legitimate users, such as activists, while supporters claim it enhances transparency. Privacy coins face delisting from EU exchanges, potentially driving trading to decentralized platforms or crypto-friendly regions like Dubai.