#EUPrivacyCoinBan The European Union will ban anonymous cryptocurrency accounts and virtual currencies by 2027

The European Union is set to impose broad anti-money laundering (AML) regulations that will prohibit privacy-preserving tokens and anonymous cryptocurrency accounts starting in 2027.

Under the new Anti-Money Laundering Regulation (AMLR), credit institutions, financial institutions, and cryptocurrency service providers (CASP) will be prohibited from maintaining anonymous accounts or handling privacy-preserving cryptocurrencies, such as Monero XMR$240.20

and Zcash ZEC $36.73.

}Article 79 of the Anti-Money Laundering Act (LMR) imposes strict prohibitions on anonymous accounts. Credit institutions, financial institutions, and cryptocurrency service providers are prohibited from maintaining anonymous accounts, according to the Anti-Money Laundering Manual (AML), published by the European Cryptocurrency Initiative (EUCI).

The regulation is part of a broader AML framework that includes bank and payment accounts, passbooks and safety deposit boxes, “cryptocurrency accounts that allow the anonymization of transactions” and “accounts that use anonymity-enhancing currencies.”

“The regulations (AMLR, AMLD, and AMLAR) are definitive, and what remains is the 'fine print', i.e., the interpretation of some of the requirements through so-called implementing and delegated acts,” according to Vyara Savova, senior policy officer at EUCI.

She added that much of the implementation will be carried out through the so-called implementing and delegated acts, which are mostly managed by the European Banking Authority:

This means that EUCI continues to actively work on these level two laws, providing input to public consultations, as some implementation details have yet to be finalized.