Farewell Monero? Regulations Mica (Markets in crypto assets) The European Union is not the only one who attacked cryptocurrencies. Another text, this time against money washing, could well end the so -called “anonymous” cryptiveas monero (XMR) or zcash (ZEC). Explanation.
- The European Union has decided to prohibit so -called “anonymous” cryptocurrencies such as Monero (XMR) and ZCASH (ZC) as part of new flow regulation.
- The implementation of these rules is scheduled for 2027, especially focused on providers of digital assets operating in several Member States.
Anonymous tokens soon banned by the European Union?
As stated by the European Crypt Initiative, the European Union is going to save The rules against the flow (AML) that would forbid “anonymous” cryptocurrencies.
According to Flow regulations (AMLR), credit institutions, financial institutions and digital assets (CASP) would be forbidden Manage anonymous accounts or cryptocurrencies maintaining intimateness, such as Monero (XMR) and Zcash (ZEC).
The regulations are part of the wider framework for fighting money, which includes bank and payment accounts, brochures and safes, “cryptographic accounts of assets allowing anonymization of transactions” and “documents with documents improve anonymity”.
Implementation provided for 2027
According to Vyara Savova, the main manager of politicians onEuropean initiative on cryptocurrencies (Euci), implementation of these measures should take place 2027.
Subsequently, from this new regulatory framework, the CASP acting in at least six Member States will be subject to a direct supervision In matters of fighting money.
During the initial phase, AMLA plans to select 40 subjectsWith at least one entity to the Member State, according to the AML EUI manual. The selection process should begin 1 July 2027.
Amla uses ” Threshold values of materiality To ensure that only companies with “substantial operational presence in several jurisdictions” are taken into account for direct monitoring.
These thresholds include “minimum 20,000 customers resident in the host Member State ”or the total volume of transactions greater than EUR 50 million.
It seems that the European Union wants to end anonymous cryptocurrencies, but it is difficult to know if it will be possible. Indeed, even if the service providers of digital assets (such as stock exchanges) can no longer offer these crypts, nothing prevents individuals from continuing to use them. Especially if it is to escape too restrictive regulations.
(Tagstotranslate) Financial Markets (T) Cryptocurrency Regulation
