The European Union intends to introduce strict anti-money laundering (AML) rules that will ban privacy-preserving cryptocurrencies and anonymous cryptocurrency accounts starting in 2027.
According to the new Anti-Money Laundering Regulation (AMLR), credit organizations, financial institutions, and crypto asset service providers will be prohibited from creating anonymous accounts or working with privacy-preserving cryptocurrencies such as Monero.
Article 79 of the AMLR establishes strict prohibitions on anonymous accounts. Credit organizations, financial institutions, and service providers related to digital assets are prohibited from maintaining anonymous accounts, according to the AML Guidelines published by the European Crypto Initiative.
Among the important points of the new rules is the mandatory verification of clients for transactions over €1000 ($1100).
EU authorities will also strengthen oversight of cryptocurrency service providers. Under the new regulatory framework, Anti-Money Laundering operators operating in at least 6 EU member states will be under direct supervision of the European Crypto Initiative.
At the initial stage of AMLA implementation, it is planned to create 40 such organizations. The selection process will begin on July 1, 2027.