EU to Track Crypto Transfers Under New AML Rules: Eurogroup President
The European Union plans to track cryptocurrency transfers as part of its new Anti-Money Laundering Regulation (AMLR), effective July 1, 2027. The regulation mandates that crypto-asset service providers record data on senders and recipients, prohibiting interactions with anonymous wallets and privacy coins. Exchanges must identify users of self-hosted wallets for transactions exceeding €1,000. Critics argue the regulations favor surveillance and may infringe on privacy rights, potentially leading to legal challenges. Concerns arise that the rules could push cryptocurrency activities into less transparent markets and hinder the decentralized finance ethos. The regulations may also drive privacy-focused tech and talent outside the EU, while prompting advancements in privacy-preserving technologies.
