EU Set to Ban Privacy Coins and Anonymous Accounts by 2027

[madmax]

The European Union is moving to ban privacy-preserving cryptocurrencies like Monero (XMR) and prohibit anonymous crypto accounts starting in 2027 under the new Anti-Money Laundering Regulation (AMLR).

Key points:

Applies to credit institutions, financial institutions, and crypto asset service providers (CASPs).

Aims to curb money laundering, scams, and illicit transactions.

Part of a broader regulatory push alongside MiCA, the EU’s Markets in Crypto-Assets Regulation.

Anja Blaj, a policy expert at the European Crypto Initiative, explained:

“The state wants to understand who the parties are that transact among themselves… to prevent crime and enforce policies.”