EU Enacts Stricter Anti-Money Laundering Rules for Cryptocurrencies

The European Union has implemented a new regulation, the Anti-Money Laundering Regulation (AMLR), which will become enforceable on July 1, 2027. This new rule prohibits financial institutions from offering anonymous crypto accounts or wallets and bans transactions involving privacy coins like Monero, Zcash, and Dash. Moreover, the regulation mandates identity verification for all cryptocurrency transactions exceeding €1,000. A dedicated regulatory body, the Anti-Money Laundering Authority (AMLA), will oversee large cryptocurrency platforms directly.