EU Lawmakers Vote For New Crypto Regulations, But Ban Anonymous Transfers Above €1,000

Mar 29, 2023

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The European Union (EU) lawmakers have voted in favor of a new on cryptocurrency transactions, which will ban anonymous transfers above €1,000. However, according to a lead lawmaker, the new law will not prevent crypto payments.

The regulation, which passed with 446 votes in favor, 79 against, and 17 abstentions, is aimed at reducing the risks of money laundering and terrorist financing. The new rules require cryptocurrency exchanges to register with the authorities and implement customer due diligence measures, including identity verification.

Ban on anonymous transfers above €1,000

One of the most significant changes in the new regulation is the ban on anonymous transfers above €1,000. This move is aimed at preventing the use of cryptocurrencies in criminal activities, such as money laundering, terrorism financing, and tax evasion. Transactions exceeding this amount will require the sender to provide information, such as their name, address, and date of birth, to the authorities.

The regulation also requires exchanges to provide the authorities with the identities of both the sender and receiver of cryptocurrency transactions, as well as the amount of the transfer. However, it does not require exchanges to verify the identities of those receiving cryptocurrencies, as this would be too difficult to implement.

New regulation won’t prevent crypto payments

Despite the new regulation, a lead lawmaker has said that it will not prevent the use of cryptocurrencies for payments. According to Markus Ferber, a German lawmaker who led the negotiations on the regulation, the new rules will make it easier for law enforcement agencies to identify criminals who use cryptocurrencies for illicit activities.

Ferber also emphasized the need to strike a balance between regulation and innovation, saying that the new rules should not stifle the development of new technologies in the cryptocurrency sector.

In conclusion, the new EU regulation on cryptocurrency transactions is aimed at reducing the risks of money laundering and terrorist financing. While it bans anonymous transfers above €1,000, it will not prevent the use of cryptocurrencies for payments. The regulation requires exchanges to register with the authorities and implement customer due diligence measures, but does not require exchanges to verify the identities of those receiving cryptocurrencies.

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Jem Benny
I am a senior stock trader. I think it is really important to share the knowledge and the experience with rookies. "Must know" and education content creator. I have been following the events of the crypto industry since 2011. I joined Walletinvestor as a content creator providing technical analysis and overviews on the current market situation.