The European Union has officially announced a comprehensive ban on privacy coins and anonymous cryptocurrency accounts, set to take effect by July 2027. This move is part of the EU’s broader effort to enhance transparency and combat illicit activities in the crypto sector under the new Anti-Money Laundering Regulation (AMLR) .  
Key Points:
• Ban on Privacy Coins: Cryptocurrencies that prioritize user anonymity, such as Monero (XMR) and Zcash (ZEC), will be prohibited. The EU aims to eliminate the use of these coins due to concerns over their potential misuse in illegal activities .  
• Prohibition of Anonymous Accounts: Crypto asset service providers (CASPs), including exchanges and financial institutions, will be required to discontinue offering services that allow anonymous accounts or transactions. This measure is intended to prevent untraceable financial flows within the EU . 
• Enhanced Oversight: The AMLR will place CASPs operating in at least six member states under direct supervision. The selection process for 40 entities, with at least one per member state, is scheduled to commence on July 1, 2027 .
