EU’s New Legislation to Ban Monero, Zcash and Non-KYC Wallets
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- Crypto Asset Service Providers (CASPs) will be required to collect and retain detailed information on both the sender and receiver of cryptocurrency transaction
- Starting on July 1, 2027, the EU plans to prohibit transactions involving anonymous wallets and privacy-focused cryptocurrencies such as Monero (XMR) and Zcash (ZEC)
- The regulations will allow authorities to impose IP blocks on non-compliant decentralized exchanges
At the European Anti-Financial Crime Summit 2025 held in Dublin, Eurogroup President and Ireland’s Finance Minister, Paschal Donohoe, announced the EU’s intention to implement strong regulations with the goal of enhancing transparency in cryptocurrency transactions.
The proposed legislation contains several important regulations. Crypto Asset Service Providers (CASPs) will be required to collect and retain detailed information on both the sender and receiver of cryptocurrency transactions, which is more akin to practices in traditional financial systems.
Back in May 2023, the EU passed the Transfer of Funds Regulation, which established a requirement for complete tracking of crypto asset transfers.
New EU Rules Target Crypto Anonymit…
The post EU’s New Legislation to Ban Monero, Zcash and Non-KYC Wallets appeared first on Coin Edition.
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