The EU plans to implement the Anti-Money Laundering Regulation (AMLR) starting July 1, 2027, which will comprehensively ban anonymous crypto accounts and privacy coins (such as Monero and Zcash) transactions. Financial institutions and crypto service providers are required to conduct mandatory identity verification for transactions exceeding 1000 euros, to be supervised by the newly established anti-money laundering agency AMLA. This move aims to combat illegal fund flows but has sparked controversy over privacy rights and innovation restrictions. Critics argue that the ban could undermine the free development of decentralized finance and affect the financial privacy of ordinary users and activists. The EU's actions may reshape the cryptocurrency market landscape, and whether other regions of the world will follow suit is a subject of great interest.