The European Union (EU) also regulated some cryptocurrency transactions in its latest Anti-Money Laundering legislation. In this regard, it specifically prohibited certain limits for cash transactions and anonymous crypto payments.
There is a ban on cryptocurrency payments from the EU!
The European Union (EU) has once again entered the market’s agenda with a recent legislative change. The EU has banned cryptocurrency transactions of any value through anonymous self-custody crypto wallets. This update is a component of the region’s newly implemented Anti-Money Laundering (AML) regulations. A majority of the EU Parliament’s lead committee approved the ban on March 19, according to a post by Deutsch Piraten Partei MEP Patrick Breyer.
Dr. It is noteworthy that Breyer is one of the two leaders who oppose this ratification. The other member of Parliament who voted against was Gunnar Beck, representing the Alternative for Germany (AfD) party. The ban on crypto payments applies specifically to hosted wallets offered by service providers. This includes self-custody wallets available through mobile, desktop or browser applications.
When will the regulations come into force?
Recent Anti-Money Laundering legislation specifically prohibits certain limits for cash transactions and anonymous cryptocurrency payments. Accordingly, cash transactions exceeding EUR 10,000 and anonymous cash payments exceeding EUR 3,000 will be considered illegal. These laws will become fully operational within three years of their entry into force. But Dillon Eustace, an Irish law firm, expects these laws to be fully operational before the usual implementation timeline.
KThere are also reactions to the ripto money regulation!
cryptokoin.comBasically, as you follow from , many cryptocurrency networks operate in permissionless environments. It allows anyone to generate a cryptographic private key and gain unlimited access to the system. This feature is at the heart of the basic principles of cryptocurrencies. It also provides a more inclusive, free and equitable financial system that does not discriminate against its users.
Experts and freedom advocates consider this latest approval a blow against financial freedom and basic human rights. German MEP Patrick Breyer claims it jeopardizes economic independence and financial privacy. That’s why he opposes the bill. Breyer says the ability to transact anonymously is a fundamental right. The crypto industry is known for its emphasis on privacy and decentralization. This floating sector has responded critically to the EU’s regulatory measures. These new regulations caused mixed reactions. Some say new AML laws are necessary. However, others fear it could violate privacy and hinder economic activity.
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