The European Union Officially Signed: These Popular Altcoins Will Be Banned! - Coin Bulletin

The European Union has signed a comprehensive regulation banning anonymous crypto accounts and privacy-focused coins such as Monero (XMR), Zcash (ZEC), and Dash, effective July 1, 2027.

The European Union’s Anti-Money Laundering Regulation (AMLR)** has been working on for a long time is finally officially coming into force. The new regulations completely prohibit financial institutions and cryptocurrency service providers from opening anonymous accounts or using cryptocurrencies that provide privacy. In this context, Monero (XMR), Zcash (ZEC) and Dash, which are known as privacy-oriented coins, will not be able to be traded within the borders of the EU.

The AMLR, which will come into effect, introduces a requirement for identity verification for cryptocurrency transactions over 1,000 euros. This situation signifies a serious change, especially for investors and users who take advantage of the anonymity of cryptocurrencies. The European Union is also establishing a new oversight mechanism that will closely monitor the implementation of these regulations: the European Anti-Money Laundering Authority (AMLA).

The audit dose is increasing

With these new regulations from the European Union, crypto service providers operating in at least 6 different regions in member countries will fall directly under the supervision of AMLA. In the first phase, approximately 40 crypto service providers will be identified, and the supervision of these institutions will begin.

Platforms that will be subject to AMLA’s supervision will be selected mainly from those with high trading volumes and operating in different EU countries. For platforms to be directly subjected to AMLA supervision, they need to reach a minimum of 20,000 customers or have a total trading volume of at least 50 million euro.

The European Union’s tough move will bring significant changes, especially for centralized exchanges and service providers. The new regulations, along with the Crypto Assets Market Regulation (MiCA) that the EU enacted in the previous period, seem to further enhance the expectations of transparency and security in the crypto sector.