European Union officials have given the green light to new restrictions on anonymous transactions involving crypto assets and cash.
German EU Parliament member Patrick Breyer said in a report on social media platform X that EU officials said: prohibit You can make cash payments over 10,000 euros ($10,862), anonymous cash payments over 3,000 euros ($3,258), and crypto payments to hosted wallets with no threshold.
Breyer said repression means people lose much of their economic freedom.
“Prohibiting anonymous payments generally has minimal impact on crime at best, but deprives innocent citizens of economic freedom.”
According to Irish law firm Dillon Eustace, the EU plans to establish an Anti-Money Laundering Authority (AMLA) to oversee new rules, which will impose restrictions on all companies, not just those under direct supervision. Supervision is likely to be strengthened.
“The existence of AMLA not only provides for enhanced AML (anti-money laundering) and CTF (counter-terrorist financing) oversight of selected entities, but also enforces AMLA and AMLA for all companies as a national supervisory authority. and/or strengthen enforcement oversight.''Regulatory technical standards will be binding on all obligated entities, not just those directly supervised. ”
Regulators in other parts of the world are also working to crack down on illegal activity centered around digital assets. In 2022, US Treasury Deputy Secretary Wally Adeyemo said the Treasury Department would target self-custodial cryptocurrency wallets.
At the time, Adeyemo said the anonymity it provided could be exploited by bad actors.
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