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European Lawmakers Impose €1000 Limit On Unverified Crypto Users

Press Releases Crypto News Bitcoinist European Lawmakers Impose €1000 Limit On Unverified Crypto Users

While the European government is still working on its regulatory approach towards cryptocurrency regulation, a part of the body, which is the lawmakers, have earlier today published a new rule targeting crypto users with unverified identities.

The law which has just been passed wasn’t solely aimed at crypto specifically but at the act of money laundering or anonymously holding and transacting digital assets. The announcement read, “new EU measures against money laundering and terrorist financing.”

Limits Imposed On Unverified Crypto Users

Per a press release, the European Parliament and other lawmakers on the Economics and Civil Liberties committees on March 28 voted on new measures of anti-money laundering (AML) and terrorist financing regulation. Included in the new law was an imposed limit of €1000 on crypto users with unverified identities.

The press release noted:

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. They will also have to establish detailed types of risk of money laundering and terrorist financing in their sector of activity, and transmit the relevant information to a central register.

Besides the imposed $100 limit, the EU parliament also pressed €7000 on cash payments for transactions in the same category of unverified crypto users. These limits are part of the EU plan to revamp its AML regulations.

The limits come alongside the measures that restrict businesses from accepting large payments from anonymous sources.

According to Damien Carême, the French lawmaker leading the

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Author: Samuel Edyme

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