EU to ban anonymous crypto accounts and privacy coins by 2027
Image Credit: cointelegraph- The European Union will ban anonymous cryptocurrency accounts and privacy-preserving tokens such as Monero and Zcash starting in 2027 under new Anti-Money Laundering Regulation (AMLR).
- Credit institutions, financial institutions, and crypto-asset service providers (CASPs) will be prohibited from maintaining anonymous accounts.
- CASPs operating in six or more EU member states will fall under direct AML supervision, with 40 entities selected for oversight beginning July 1, 2027.
- The regulation includes mandatory customer due diligence for transactions over 1,000 euros and aims to curb anonymity in crypto transactions as part of the EU’s broader AML framework.
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