The Anti-Money Laundering Regulation (AMLR) has been revised by the European Union (EU), imposing strict guidelines on cryptocurrency transactions. The EU has officially outlawed anonymous cryptocurrency transactions as part of recent rule amendments.
The market for cryptocurrencies has not changed in response to the regulatory reforms. One of the best ICO presales of the year, Galaxy Fox ($GFOX), is becoming more and more successful, which is evidenced by its raising of over $5.3 million. As it gets closer to completion, $GFOX has emerged as one of the top altcoins to watch.
EU Bans Anonymous Crypto and Cash Transactions
European Union (EU) officials have doubled down on their crackdown on anonymous crypto transactions in the recently passed Anti-Money Laundering Regulation (AMLR). Patrick Breyer, a German member of the EU Parliament, announced that they have now passed new restrictions on anonymous transactions involving crypto assets and cash.
Cryptocurrency transactions to self-hosted wallets have now been restricted in the EU. In terms of cash payments, transactions of over €10,000 and anonymous cash payments over €3,000 were also banned.
Cryptocurrency exchanges, called crypto asset service providers (CASPs) in the EU, must now perform identity verification checks on individuals and businesses performing transactions of €1,000 and above. The law now prohibits CASPs from providing accounts for anonymous users.
In addition, privacy coins such as Monero and ZCash, which hide information about transactions, are also restricted. Additionally, CASPs are required to “apply mitigating measures” to transactions that take place between their platform and users’ private keys stored in self-custody wallets.
Galaxy Fox ($GFOX) Builds Excitement As Launch Day Approaches
In spite of the change of rules in the EU, Galaxy Fox ($GFOX) continues to build excitement as it approaches the completion of one of the best ICOs in crypto history. Galaxy Fox is regarded as one of the best ICO presales of the year, raising more than $5.3 million through the 10 stages of its presale.
There are talks in the crypto community of Galaxy Fox being the best new meme coin coming to the market soon. These comments are based on $GFOX being one of the next-gen meme coins that fuses utility into the meme culture, which is traditionally based on hype and community support.
The Galaxy Fox is more than the traditional meme coin we are accustomed to. The ecosystem features an alluring Web3 runner game where players fight for a portion of the seasonally fixed reward fund.
With the help of this creative meme gaming model, users can make money while having fun, which encourages community engagement and loyalty. This has fuelled the massive accumulation of $GFOX tokens. Through the 10 ICO stages of Galaxy Fox, over 3.5 billion $GFOX tokens have been sold.
Because Galaxy Fox offers a very compelling proposition for investors seeking long-term value, $GFOX is now ranked among the best meme coins to buy. This sentiment is confirmed by the 100x predictions analysts have given about the coin. The $0.00364 price of $GFOX in its 10th presale stage makes Galaxy Fox the best cheap crypto to buy.
Closing Thoughts
While the EU ban on anonymous crypto transactions could hold big implications for crypto investors in Europe, Galaxy Fox continues to build excitement as one of the best ICO presales. As it nears the end of its presale, investors have a great opportunity to buy $GFOX, as Galaxy Fox is offering a 10% bonus on all purchases.
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