The European Union has officially approved the new Anti-Money Laundering Regulation (AMLR), which will come into effect on July 1, 2027. This regulation establishes strict restrictions on the use of cryptocurrencies, aiming to enhance financial transparency and combat illicit activities.
Among the key changes, financial institutions are prohibited from offering accounts or crypto wallets that allow for anonymity. Furthermore, transactions involving privacy-centered cryptocurrencies, such as Monero, Zcash $ZEC and Dash $DASH , are banned due to their ability to conceal the origin of funds.
Additionally, any cryptocurrency transaction exceeding 1,000 euros will require mandatory identity verification by the user. To ensure compliance with these rules, a new supervisory entity called the Anti-Money Laundering Authority (AMLA) will be established, which will have direct power over the largest cryptocurrency platforms operating in the EU.
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