EU to ban anonymous crypto accounts and privacy coins by 2027
Europe will ban anonymous crypto accounts and privacy coins starting in 2027 under sweeping new AML regulations targeting service providers and token anonymity.
The European Union is set to impose sweeping Anti-Money Laundering (AML) rules that will ban privacy-preserving tokens and anonymous cryptocurrency accounts from 2027.
Under the new Anti-Money Laundering Regulation (AMLR), credit institutions, financial institutions and crypto asset service providers (CASPs) will be prohibited from maintaining anonymous accounts or handling privacy-preserving cryptocurrencies, such as Monero (XMR) and Zcash (ZEC).
“Article 79 of the AMLR establishes strict prohibitions on anonymous accounts […]. Credit institutions, financial institutions, and crypto-asset service providers are prohibited from maintaining anonymous accounts,” according to the AML Handbook, published by European Crypto Initiative (EUCI).
