#EUPrivacyCoinBan EU Moves to Ban Privacy Coins and Anonymous Crypto Accounts
The European Union is set to implement new Anti-Money Laundering (AML) regulations by 2027, effectively banning anonymous cryptocurrency accounts and privacy-preserving tokens like Monero and Zcash. This sweeping measure, outlined in the Anti-Money Laundering Regulation (AMLR), aims to increase transparency within the crypto space and combat illicit financial activities.
Credit institutions, financial institutions, and crypto-asset service providers (CASPs) will be prohibited from maintaining anonymous accounts or handling privacy coins. While the core regulations are finalized, the specifics of implementation are still being worked out through delegated acts, with the European Banking Authority playing a key role. This move signals a significant shift towards greater scrutiny of cryptocurrency transactions within the EU.
