New Restrictions on Anonymous Crypto and Cash Transactions Approved by EU Officials

[ad_1]

European Union (EU) officials are greenlighting new restrictions on anonymous transactions that involve crypto assets and cash.

Reporting on the social media platform X, Patrick Breyer, a German member of the EU Parliament, says that EU officials are banning cash payments over €10,000 ($10,862), anonymous cash payments over €3,000 ($3,258), and crypto payments to hosted wallets with no threshold.

According to Breyer, the crackdown will mean citizens lose much of their financial freedom.

“Generally prohibiting anonymous payments would at best have minimal effects on crime, but it would deprive innocent citizens of their financial freedom.”

According to Irish law firm Dillon Eustace, the EU will establish the Anti-Money Laundering Authority (AMLA) to oversee the new rules, which will likely lead to increased supervision for all firms, not just those that will be placed under direct watch.

“AMLA’s presence will not only result in increased AML (anti-money laundering) and CTF (counter-terrorism financing) supervision for selected entities, but for all firms as national supervisory authorities will be under increased scrutiny by AMLA and AMLA’s implementing and/or regulatory technical standards will be binding on all obliged entities, not just those directly supervised entities.”

Regulators in other parts of the world are also looking to crack down on illicit activities centered around digital assets. In 2022, U.S. Treasury Deputy Secretary Wally Adeyemo said that the Treasury Department would be targeting self-custody crypto wallets.

At the time, Adeyemo said that the anonymity they provide could be exploited by bad actors.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE-2



[ad_2]

Source link

Related posts

Leave a Comment