The European Union has officially approved new Anti-Money Laundering Rules (AMLR) that prohibit anonymous crypto wallets and so-called 'privacy coins' starting July 1, 2027. This decision is part of a broader EU strategy to enhance financial transparency and combat illegal activities in the field of digital assets.

What exactly is being prohibited?

The ban applies to cryptocurrencies that provide a high level of transaction anonymity, including:

• Monero (XMR)

• Zcash (ZEC)

• Dash (DASH)

Additionally, crypto services such as exchanges and wallet platforms will no longer be able to provide services without user identity verification (KYC). All transactions exceeding €1000 will require mandatory client identification.

Who will oversee the enforcement?

To supervise compliance with the new rules, the European Anti-Money Laundering Authority (AMLA) is being established. This regulator will carry out direct oversight of large crypto services that serve more than 20,000 users or have an annual transaction volume exceeding €50 million.