Zainab E Kubra

#EUPrivacyCoinBan EU to ban anonymous crypto accounts and privacy coins by 2027 Europe will ban anonymous crypto accounts and privacy coins starting in 2027 under sweeping new AML regulations targeting service providers and token anonymity. The European Union is set to impose sweeping Anti-Money Laundering (AML) rules that will ban privacy-preserving tokens and anonymous cryptocurrency accounts from 2027. Under the new Anti-Money Laundering Regulation (AMLR), credit institutions, financial institutions and crypto asset service providers (CASPs) will be prohibited from maintaining anonymous accounts or handling privacy-preserving cryptocurrencies, such as Monero XMR $239.90 and Zcash ZEC $36.74 . “Article 79 of the AMLR establishes strict prohibitions on anonymous accounts [...]. Credit institutions, financial institutions, and crypto-asset service providers are prohibited from maintaining anonymous accounts,” according to the AML Handbook, published by European Crypto Initiative (EUCI). The AML Handbook. Source: EUCI The regulation is part of a broader AML framework that includes bank and payment accounts, passbooks and safe-deposit boxes, “crypto-asset accounts allowing anonymisation of transactions,” and “accounts using anonymity-enhancing coins.” The regulations (the AMLR, AMLD and AMLAR) are final, and what remains is the ‘fine print’ — aka the interpretation of some of the requirements through the so-called implementing and delegated acts,” according to Vyara Savova, senior policy lead at the EUCI. She added that much of the implementation will come through so-called implementing and delegated acts, which are mostly handled by the European Banking Authority: “This means that the EUCI is still actively working on these level two acts by providing feedback to the public consultations, as some of the implementation details are yet to be finalized.” “However, the broader framework is final, so centralized crypto projects (CASPs under MiCA) need to keep it in mind when determining their internal processes and policies".