European Union (EU) will ban privacy coins and anonymous crypto accounts by July 2027.

Privacy coins like Monero and Zcash will be banned to curb illegal cryptocurrency use. New EU AML rules require identity checks for crypto transfers over 1,000 euros.

The European Union (EU) is introducing stringent anti-money laundering (AML) standards that will ban privacy coins and anonymous crypto account operations.

The new regulations, set to take effect on July 1, 2027, also require identity checks for cryptocurrency transfers above 1,000 euros.

After the new rules come into effect, crypto service providers (CASPs) such as exchanges and financial institutions will need to ensure they collect customer identification (KYC) data. If they fail to do so, they will be forced to cease offering their services within the EU.

Earlier this year, the European Parliament approved the new rules as part of an update to the EU's Fifth Anti-Money Laundering Directive (AMLD5), which was introduced in 2015.

The new regulations aim to curb illegal cryptocurrency use and adjust to the evolving technologies employed by criminals.

The establishment of new privacy rules aims to restrict transactions involving Monero (XMR), Zcash (ZEC), and Dash cryptocurrency. The EU will ban all cryptocurrencies that aim to provide transaction anonymity from operating within its borders.

The regulators claim that these coins enable users to execute hidden criminal operations and money laundering schemes. The move is designed to bring cryptocurrency regulations in line with traditional financial assets.

Moreover, new rules mandate that crypto service providers verify the identity of users for transactions exceeding 1,000 euros.

The European Union is introducing stringent new regulations that will ban privacy coins and anonymous crypto account operations.

The new regulations are part of a broader effort to adjust to evolving technologies used for illegal activities and bring cryptocurrency regulations in line with traditional financial assets.

The move comes amid a broader crackdown on crypto-related crimes, which has seen U.S. authorities take aim at major cryptocurrency exchange Binance.

Europe is adopting stringent anti-money laundering (AML) standards that will ban privacy coins and anonymous crypto account operations.

The new regulations are set to take effect on July 1, 2027.

The European Union is requiring identity checks for cryptocurrency transfers above 1,000 euros. After the new rules come into effect, crypto service providers (CASPs) such as exchanges and financial institutions will need to ensure they collect customer identification (KYC) data. If they fail to do so, they will be forced to cease offering their services within the EU.

Earlier this year, the European Parliament approved the new rules as part of an update to the EU's Fifth Anti-Money Laundering Directive (AMLD5), which was introduced in 2015.

The new regulations are designed to curb illegal cryptocurrency use and adjust to the evolving technologies employed by criminals.

Establishment of new privacy rules will see transactions using Monero (XMR), Zcash (ZEC), and Dash cryptocurrency restricted. The EU will ban all cryptocurrencies that aim to provide transaction anonymity from operating within its borders.

The move is designed to bring cryptocurrency regulations in line with traditional financial assets.

New rules also mandate that crypto service providers verify the identity of users for transactions exceeding 1,000 euros.