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The European Union has confirmed it will introduce strict anti-money laundering rules that will ban privacy-focused cryptocurrencies and anonymous digital asset accounts starting in 2027.
The new rules fall under the Anti-Money Laundering Regulation (AMLR). If approved, banks, other financial firms, and crypto-asset service providers (CASPs) will no longer be allowed to offer accounts that hide a user’s identity or handle privacy tokens that mask transactions.
The European Crypto Initiative (EUCI) explained in its AML Handbook that Article 79 of the AMLR clearly bans these services. It said, “Credit institutions, financial institutions, and crypto-asset service providers are prohibited from maintaining anonymous accounts”.
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Another major change is the creation of a new Anti-Money Laundering Authority (AMLA). Starting in 2027, AMLA will directly supervise larger CASPs operating in at least six EU countries. At first, AMLA will choose 40 companies, including at least one from each member state.
To qualify for direct supervision, firms must meet certain criteria. These include having at least 20,000 customers in a single country or handling yearly transactions worth more than 50 million euros (about 56 million US dollars).
The new rules will also require firms to carry out customer checks on any crypto transfers worth more than 1,000 euros (around 1,100 US dollars).
Meanwhile, nearly 30 crypto advocates recently asked the US Securities and Exchange Commission (SEC) to clarify staking rules. What did they say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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