EU is targeting anonymous cryptocurrencies and plans to ban privacy coins and accounts by 2027
From 2027, the European Union will put tight laws to combat money laundering that effectively ban anonymous crypto activities.
Tokens that hide the identity of users, such as Monero and Zcash, are no longer on EU-regulated platforms be admissible And crypto companies are no longer allowed to offer accounts.
These rules are part of a comprehensive regulatory reform that aims to increase transparency both in the traditional financial sector and in the area of digital assets.
While the core regulations have already been completed, the details of the implementation are still developed by the European Banking Supervisory Authority, which is commissioned to implement the regulations into enforceable standards.
Crypto companies that operate in various EU countries are subject to increased control. A new supervisory authority, AMLA, will monitor the largest actors – those who operate tens of thousands of customers or handle transactions worth over 50 million euros.
The initial supervision will concentrate on 40 large companies, with crypto transfers being subjected to an obligatory identity examination over € 1,000.
Although the regulatory efforts have caused criticism from data protectionists, EU politicians argue that this is a necessary step to clean the cryptor room and to prevent abuse.
