Crypto-Newbie

🇪🇺 🚫 EU BANS MONERO AND PRIVACY COINS! The European Union has officially passed the Anti-Money Laundering Regulation, setting the stage for a ban on privacy coins and anonymous crypto accounts starting July 1, 2027. Under the new rules, financial institutions and crypto-asset service providers will no longer be allowed to hold or manage accounts that enable anonymous transactions or support privacy-focused cryptocurrencies like Monero (XMR), Zcash (ZEC), and Dash. The AMLR also mandates identity verification for crypto transactions above €1,000, aiming to tighten anti-money laundering controls across the crypto space. To oversee these measures, the EU will launch the Anti-Money Laundering Authority (AMLA), directly supervising up to 40 major CASPs across member states. Supporters argue that these rules will curb illicit activities and improve transparency in digital finance. However, critics warn that banning privacy coins could undermine financial privacy rights and restrict legitimate uses for activists, journalists, and individuals in oppressive regimes. This landmark regulation signals Europe’s commitment to stricter oversight of crypto markets while raising questions about the future of privacy-preserving technologies in finance. Do you think this ban will set a global precedent—or push innovation elsewhere? #EUPrivacyCoinBan