The European Union has proposed a regulation that will ban anonymous crypto accounts and privacy coins by 2027. This decision aims to enhance transparency and prevent illicit activities related to cryptocurrency transactions. The ban is primarily targeted at exchanges, which would need to comply with new regulations requiring identification and tracking of users, rather than banning the use of privacy coins in general. This development raises concerns about the impact on cold or hardware wallets which are designed for privacy preservation. The regulatory landscape is continuously evolving with significant shifts towards increased transparency, reflecting similar trends in anti-fraud and privacy laws over the past few years.