#EUPrivacyCoinBan The European Union is planning to **ban privacy coins and anonymous crypto wallets** by **2027** under its new **Anti-Money Laundering Regulation (AMLR)**[](https://www.livebitcoinnews.com/eu-plans-privacy-coin-and-anonymous-wallet-ban-by-2027/ "1")[](https://99bitcoins.com/news/legal/privacy-coins-face-eu-ban-under-new-aml-rules-starting-2027/ "2"). This move aims to increase transparency in digital transactions and prevent illicit financial activities.
### **Key Aspects of the Ban**
- Privacy-focused cryptocurrencies like **Monero (XMR), Zcash (ZEC), and Dash** will no longer be allowed[](https://99bitcoins.com/news/legal/privacy-coins-face-eu-ban-under-new-aml-rules-starting-2027/ "2").
- **Anonymous crypto accounts** will be prohibited, requiring exchanges and financial institutions to verify user identities[](https://99bitcoins.com/news/legal/privacy-coins-face-eu-ban-under-new-aml-rules-starting-2027/ "2").
- The **Anti-Money Laundering Authority (AMLA)** will oversee compliance, directly supervising major crypto service providers[](https://www.livebitcoinnews.com/eu-plans-privacy-coin-and-anonymous-wallet-ban-by-2027/ "1").
- The regulation extends to **anonymous bank accounts, payment systems, and safe deposit boxes**, ensuring broader financial transparency[](https://www.livebitcoinnews.com/eu-plans-privacy-coin-and-anonymous-wallet-ban-by-2027/ "1").
### **Impact on Crypto Businesses**
Crypto asset service providers (CASPs) will need to implement **strict identity verification measures** and monitor transactions to comply with AMLR[](https://www.livebitcoinnews.com/eu-plans-privacy-coin-and-anonymous-wallet-ban-by-2027/ "1"). Non-compliance could lead to **financial penalties** and operational restrictions[](https://www.livebitcoinnews.com/eu-plans-privacy-coin-and-anonymous-wallet-ban-by-2027/ "1").
This ban is part of the EU’s broader effort to regulate digital finance and prevent financial crimes. However, critics argue that it **compromises financial privacy** and could push privacy-focused transactions to decentralized or
