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.
“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.”
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“The regulations (the AMLR, AMLD and AMLAR) are final, and