- The EU has approved a ban on anonymous cryptocurrency transactions.
- The decision is part of new anti-money laundering laws on the continent.
In the European Union (EU) approved restrictions on anonymous cryptocurrency payments. This is reported by Patrick Breuer, member of the European Parliament from the Deutsch Piraten Partei.
🇩🇪 Von EU-Ausschuss beschlossen:
🚫Verbot von Barzahlungen über 10,000 €
🆔Verbot anonymer Barzahlungen über 3.000 €
₿ Verbot anonymer Kryptozahlungen an hosted wallets selbst bei Kleinstbeträgen
Das bedeutet Krieg gegen das Bargeld und schleichende finanzielle Entmündigung
- Patrick Breyer #JoinMastodon (@echo_pbreyer) March 21, 2024
Cryptocurrency payments made through unidentified cryptocurrency wallets are effectively illegal in the European Union, according to a recent regulatory change.
The document says that the ban does not apply to hardware and software providers or non-custodial wallet providers, as they do not have access to or control over cryptoassets.
“To ensure that the AML/CFT requirements for cryptoassets are effectively enforced, the provision and storage of anonymous cryptoassets, as well as accounts that allow for anonymization or increased obfuscation of transactions, should be prohibited,” the statement said.
Law firm Dillon Eustace noted that the approved anti-money laundering package must be applied three years after coming into effect. However, the company expects that these laws will begin to take full effect earlier than usual.
Earlier, the European Parliament approved a set of sanctions rules related to cryptoassets.
