In a large bowl, whisk together 1 cup of flour, sugar, salt, and yeast.

Heat milk and butter in a small saucepan until warm (120-130°F).

Add the warm milk mixture, 1 egg, and anise extract to the flour mixture and beat until smooth.

Gradually stir in enough remaining flour to make a soft dough.

Knead dough on a lightly floured surface for 6-8 minutes until smooth and elastic.

Place dough in a greased bowl, cover, and let rise in a warm place until doubled, approximately 1 hour.

Punch dough down and divide into two equal pieces; roll each into a 24-inch long rope.

Twist the two ropes together and form a ring on a parchment-lined baking sheet, joining the ends securely.

Tuck the dyed raw eggs into the braids of the dough ring.

Cover and let rise until doubled in size, approximately 45 minutes.

Preheat oven to 350°F (175°C).

Brush dough with egg wash and top with rainbow sprinkles.

Bake for 20-25 minutes or until golden brown and the internal temperature reaches 190°F.

Cool on a wire rack before serving.