The European Union is set to impose anti-money laundering (AML) policies that will prohibit tokens that maintain privacy and unidentified cryptocurrency accounts from 2027.
Under the new Anti-Money Laundering Regulation (AMLR), credit institutions, financial institutions and service providers of the Crypto Asset (CASP) are prohibited from maintaining an indifferent accounts or handling privacy-maintaining cryptocurrencies.
“Article 79 of the AMLR establishes strict restrictions on anonymous accounts (…). Credit institutions, financial institutions, and crypto-asset service providers are prohibited from maintaining an indifferent accounts,” according to the AML handbook, Na -Published by the European Crypto Initiative (EUCI).
The regulation is part of a broader AML framework that includes bank and payment accounts, passbooks and safe deposit boxes, “crypto-asset accounts that allow anonymous transactions,” and “accounts using anonymity-enhancing coins.”
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“The regulations (AMLR, AMLD and Amlar) are final, and what remains is the ‘Fine Print’-aka the interpretation of some of the requirements through so-called implementation and delegated actions,” according to Vyara Savova, the senior policy is leading EUCI.
He added that most implementation will come through so -called implementation and delegate acts, which are often handled by the European Banking Authority:
“This means that EUCI is actively working at the level of these two acts by commenting on public consultations, as some of the details of the implementation are not yet confined.”
“However, the broader framework is final, so the centralized crypto projects (Casp under Mica) need to keep in mind when determining their internal processes and policy,” Savova said.
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EU to increase the administration of Crypto service providers
Under the new regulatory framework, Casp operating at least six member states are under the direct administration of AML.
In the initial phase, AMLA plans to select 40 creatures, with at least one entity per member state, according to the AML EUCI’s AML Handbook. The selection process is set to start on July 1, 2027.
The AMLA will use “materials of materiality” to ensure that only companies with “large operations in many constituents are considered for direct supervision.”
Thresholds include a “minimum of 20,000 customers living in the host member state,” or a total transaction volume of over 50 million euros ($ 56 million).
Other known steps include a mandatory customer due to hard work on transactions above 1,000 euros ($ 1,100).
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