The European Union (EU) is taking another step in its effort to control the digital asset sector by preparing to implement a comprehensive Anti-Money Laundering Regulation (A(), focusing on a complete ban on privacy security tokens — also.known as privacy coins — including prominent cryptocMonero (XMR) and Zcash (ZEC). Additionally, anonymous crypto accounts will be absolutely prohibited from 2927.
According to Article 79 in the AMLR text published by the European Crypto Initiative (EUCI), all banks, financial institutions, and digital asset service providers (CASP) will be strictly prohibited from maintaining or processing anonymous accounts and transactions related to tokens with enhanced privacy features. The scope of this extends to other account types such as traditional accounts,lets electronic wal, savings books, safe deposit boxes, and payment accounts using advanced security technology.
Under the AMLR, digital asset service providers operating in at least 6 EU member countries will be placed under direct supervision of the European Anti-Money Laundering Authority (AMLA). In the initial am 40 ities each country has supervised organization – and is expected to begin on 17/50 million Euros (approximately 56 million USD).
Moreover, all CASPs will be required to perform identity verification (any K) any transaction valued from 1,000 Euros (approximately 1,100 USD) and and. aims to ensure all transactions in the digital asset ecosystem are transparent and can trace user ident.<><>Ms. Vyara Savova – senior policy at expert at EUCI – stated that although the AMLR has been completed at completed the legal framework level framework level, many specific details still need to be clarified through additional documents issued by the
Privacy coins are cryptocurrency designed to concinformationeal to recipient and transaction value to maximize privacy protection. However, due to their high anonymity, these tokens have often been tightened by regulatory agencies worldwide.
is the translation accurate? help me: check the translation?
