Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
European legislators have decided against implementing a €1,000 cap on cryptocurrency transactions. Nonetheless, this limitation will impact more than just self-custody cryptocurrency wallets.
The Economic and Monetary Affairs Committee (ECON) of the European Parliament, along with the Civil Liberties, Justice, and Home Affairs Committee (LIBE), has approved the Anti-Money Laundering Regulation (AMLR). This new legislation will impose limitations on specific types of cryptocurrency transactions, but the final version of the law does not impose restrictions on non-custodial wallets.
The €1,000 limit on cryptocurrency payments from self-custody wallets has been eliminated. Additionally, a requirement for identity verification for non-custodial wallets receiving funds has also been removed.
However, crypto-asset service providers (CASP) within the EU, which encompass crypto exchanges and various trading platforms, will be mandated to conduct identity verification for users engaging in transactions exceeding €1,000.
Related Posts
Furthermore, when assets valued over €1,000 are moved from a non-custodial wallet to an exchange account, the platform’s administration is required to verify the identity of the recipient. Additionally, the new regulations prohibit the use of cryptocurrencies that offer a higher degree of privacy, such as Monero.
The new regulations also impose restrictions on cash transactions exceeding €10,000 and prohibit anonymous cash payments above €3,000. However, EU member states have the discretion to establish lower thresholds.
Patrick Breyer, a Member of the European Parliament, has criticized the legislation. He described the new regulations as a “war on cash” and stated that the bill threatens the economic autonomy and financial privacy of EU citizens. Similar concerns have been voiced by other European politicians and members of the crypto community, who worry that the new regulations may infringe on privacy and hinder economic activity.
The bill is still pending final approval from the plenary session of the European Parliament, which is scheduled to convene on April 10, as well as from members of the EU Council. It will not be fully implemented until 2027, three years after its final endorsement. Recommendations for restrictions on crypto transfers exceeding €1,000 were made by the European Banking Authority (EBA).
Сообщение Limit on Transfers from Non-Custodial Wallets in Europe Abolished появились сначала на CoinsPaid Media.
