- EU legislators plan to cap anonymous crypto transfers at 1,000 euros
- Transactions in cash will be capped at 7,000 euros
There will be consistent application of rules and sanctions and verified information about beneficial owners.
Citizens and journalists will have access to beneficial owner registers and a new European AML authority will enforce the stricter rules, shows a European Parliament statement published on March 28 and subsequently covered by CoinTelegraph.
Cap on anonymous crypto transfers
EU legislators plan to cap anonymous transfers at 1,000 euros to prevent money laundering and the risk of terrorist financing.
The limit will apply to a crypto asset transfer when the parties involved can’t identify a customer. Transactions in cash will be capped at 7,000 euros.
Adoption of new laws is expected soon
The legislation is still in its draft stages. The proposed laws will be reviewed during a plenary session in April. The EP will begin negotiating on the final shape of the bills at that time.
The European Anti-Money Laundering Authority (AMLA), which was set up in June last year, will be responsible for enforcing the laws.
At first reading, legislators overwhelmingly approved the text about anonymous transactions. 99 voted in favor and just eight voted against.
According to the text, the bill will require great compliance and transparency when it is introduced, especially from banks and crypto asset managers. It states:
Entities, such as banks, assets and crypto assets managers, real and virtual estate agents and high-level professional football clubs, will be required to verify their customers’ identity, what they own and who controls the company.
In addition, companies will be required to determine the risks associated with terrorist financing and money laundering within their industry and transmit the relevant data to a centralized registry.
The digital euro in three stages
On March 28, the European Banking Federation (EBF) issued a document presenting its vision of the digital euro and the future digital money ecosystem in general.
The EBF proposed to adopt the retail digital euro in three stages. In the first, the European Central Bank will interact with the Single Euro Payments Area. The next two are industry stages. There will be a subsequent “Industry Level B,” which the private sector will develop and operate.
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