EU Lawmakers Want a Stricter Control Over Anonymous Crypto Transfers
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European Union lawmakers have voted to pass a draft legislation that will put a €1,000 ($1,083) cap on anonymous crypto transfers to help in fighting money laundering and terrorism financing.
Cash transactions will similarly be limited to €7,000 ($7,585). Following the confirmation of the package in a plenary session in April, negotiations on the final shape of the bills will commence.
The European Anti-Money Laundering Authority (AMLA) will be responsible for enforcing these rules when it is formed in June 2022.
The text was approved with a large majority, with 99 votes in favor, eight against, and six abstentions. This bill will demand greater transparency and compliance from crypto asset managers.
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