Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
EU lawmakers vote to impose €1,000 cap on unidentified crypto transactions – regulation Bitcoin News
EU lawmakers have voted to introduce a €1,000 limit on crypto transactions where the customer cannot be identified. “Entities, such as banks, asset and crypto-asset managers, real estate and virtual real estate agents and high-level professional football clubs, will be required to confirm the identity of their customers, what they own and who controls the company,” says the EU Parliament. underlined.
Lawmakers vote on new EU regulation
On Tuesday, members of the European Parliament (MEP) from the Economic and Monetary Affairs Committee (ECON) and the Civil Liberties, Justice and Affairs Committee (LIBE) adopted their position on three bills on the financing provisions of the EU Anti. – Guidelines for money laundering and combating the financing of terrorism (AML/CFT).
One of the three was the “single rulebook” regulation, which aims to harmonize financial regulation throughout the EU. It was adopted with 99 votes to 8 and 6 abstentions, according to an announcement from the European Parliament. This regulation contains “provisions on conducting due diligence on customers, transparency for beneficial owners and the use of anonymous instruments, such as crypto-assets, and new entities, such as crowdfunding platforms,” the announcement describes.
“According to the adopted texts, entities such as banks, asset and crypto-asset managers, real estate agents and high-level professional football clubs will be required to confirm the identity of their customers, what they own and who controls the company,” the European Parliament detailed, adding:
To limit transactions in cash and crypto-assets, MEPs want to limit payments that can be accepted by people providing goods or services. They set limits of up to €7,000 for cash payments and €1,000 [$1,084] for transfers of crypto-assets, where the customer cannot be identified.
MEP Aurore Lalucq explained on Twitter that new legislation specifically affects cryptocurrency trading platforms and non-fungible tokens (NFTs).
She emphasized that NFTs, which were not included in the new Market in Crypto-assets Regulation (MiCA), will now be subject to anti-money laundering rules, and NFT platforms must now comply with these legal obligations. Lalucq added that the European Anti-Money Laundering Authority (AMLA) will be able to establish a list of risky platforms based outside the EU.
In addition, due diligence procedures will be put in place for transactions made with unhosted wallets, she said, stressing that purchases over €1,000 will only be authorized if the owner or recipient can be identified. Furthermore, the legislator noted that relations with unregistered or unlicensed platforms and entities will be prohibited, and the AMLA will create a list of these entities.
What do you think of EU legislation to introduce a €1000 cap on crypto transactions where the customer cannot be identified? Let us know in the comments section below.
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