According to reports from Wu, the EU has officially passed the Anti-Money Laundering Regulation (AMLR), which will prohibit financial institutions from providing anonymous cryptocurrency accounts or wallets with cryptocurrency service providers starting July 1, 2027, and will ban the trading of privacy coins. The new regulations require mandatory identity verification for cryptocurrency transactions exceeding 1,000 euros and establish a new regulatory agency, AMLA, to directly oversee large cryptocurrency platforms.