The European Commission has endorsed a measure to prohibit anonymous cryptocurrency trading. Following the provisional agreement between the European Council and Parliament to extend certain EU anti-money laundering (AML) and counter-terrorism financing laws to encompass the cryptocurrency sphere, most of the European Parliament's key committees have ratified the ban on cryptocurrency transactions via custodial crypto wallets. Patrick Breyer, a member of the European Parliament representing the German Pirate Party, reported the approval of the new anti-money laundering law on March 19. Notably, Breyer and Gunnar Beck from the Alternative for Germany party were the only two members who dissented against the ban on anonymous crypto payments. This prohibition targets custodial crypto wallets offered by third-party service providers like centralized exchanges. Furthermore, the revised anti-money laundering regulations impose restrictions on cash transactions and anonymous cryptocurrency payments. Commercial transactions involving anonymous cash payments exceeding €3,000 will be prohibited, with a complete ban on cash payments over €10,000 in such transactions. The regulations are slated to become fully operational within three years, although Dillon Eustace, an Ireland-based law firm, anticipates an earlier implementation.