EUPrivacyCoinBan The European Union (EU) has passed a new Anti-Money Laundering Regulation (AMLR), effective from July 1, 2027, aimed at banning privacy coins and anonymous accounts. This move marks a significant turning point in the oversight of the cryptocurrency industry in the EU. 

🛡️ Key points of AMLR:

• Ban on privacy coins: Coins such as Monero (XMR), Zcash (ZEC), and Dash will be banned due to their anonymity features. 

• Ban on anonymous accounts: Cryptocurrency Asset Service Providers (CASPs) are not allowed to maintain anonymous accounts or process transactions without identity verification.

• Mandatory identity verification: Any cryptocurrency transaction exceeding 1,000 euros will require identity verification, similar to regulations in the traditional financial system. 

• Establishment of the Anti-Money Laundering Agency (AMLA): A new agency will oversee major cryptocurrency platforms, particularly those with more than 20,000 users or transactions exceeding 50 million euros per year. 

🔍 Impact on the cryptocurrency community:

• Exchanges: Exchanges like Binance and Kraken have begun to stop supporting privacy coins in certain EU countries. 

• Users: Cryptocurrency users in the EU will have to comply with the new regulations, including identity verification for large transactions and will not be able to use privacy coins.

• Community: This move has sparked much controversy, with some advocating for increased transparency to combat financial crime, while others are concerned about the loss of privacy and anonymity in transactions.