European Union will ban anonymous crypto accounts and privacy coins by 2027!!
The European Union will implement new anti-money laundering (AML) rules that will prohibit privacy tokens and anonymous cryptocurrency accounts starting in 2027.
The Anti-Money Laundering Regulation (AMLR) will prevent credit institutions, financial entities, and crypto-asset service providers (CASPs) from holding anonymous accounts or dealing with cryptocurrencies like Monero (XMR) and Zcash (ZEC).
Article 79 of the AMLR imposes strict prohibitions on anonymous accounts, covering bank accounts, payment accounts, savings accounts, safes, and crypto-asset accounts that allow for transaction anonymization or use coins with enhanced anonymity.
Vyara Savova, senior policy lead at the European Crypto Initiative (EUCI), stated that the AMLR, AMLD, and AMLAR regulations are definitive, but there is still a need for interpretation of some requirements through implementing and delegated acts, conducted by the European Banking Authority.
The EUCI is actively working on these acts, providing feedback in public consultations, as some implementation details still need to be finalized.
Savova highlighted that the overall framework is set, and centralized crypto projects (CASPs under MiCA) need to consider these regulations when defining their internal processes and policies.
Source: Cointelegraph.com