#EUPrivacyCoinBan

EU bans privacy coins and anonymous accounts by 2027

Overview of the decision

The European Union is set to ban digital currencies that enhance privacy and completely anonymous accounts starting from July 1, 2027, as part of new anti-money laundering regulations (AMLR). This decision marks a radical change in the regulatory landscape for digital currencies in Europe.

Key details of the decision

Currencies included in the ban

The ban will include digital currencies that provide anonymity features such as:

- Monero (XMR)

- Zcash (ZEC)

- Dash (DASH)

- And other similar coins that enhance privacy

New requirements

- Ban on anonymous accounts: Financial institutions and crypto asset service providers (CASPs) will be prohibited from maintaining anonymous accounts

- Identification: There will be new requirements for customer identity verification (KYC) for transactions exceeding 1000 euros

- Direct supervision: About 40 major service providers operating in at least six member states will be subject to direct oversight from the new anti-money laundering authority (AMLA)