The EU’s cut is ruthless—if you put in 1,000 euros, you’ll need KYC. Privacy coins are effectively done for, and DeFi players have to hurry up and find a new way out.

Crypto World News reports that the European Union will implement new anti-money laundering regulations (regulation (EU) 2024/1624) starting July 2027, setting a €10k cap on cash payments for goods and services, and requiring customer due diligence and identity verification for transactions of €3,000 and above. At the same time, crypto asset service providers (CASPs) must perform enhanced KYC for incidental transactions of €1,000 and above, and are prohibited from anonymous accounts and privacy coin-related services. The relevant regulations are also extended to fields such as football clubs, luxury goods trading, investment immigration, and crowdfunding, with strengthened beneficial ownership registration and disclosure requirements. The overall goal is to unify the EU anti-money laundering framework and expand coverage to high-risk industries.