EU banned anonymous crypto transactions

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For cryptocurrency transfers of more than 1000 EUR, users will have to disclose their identity on a mandatory basis

EU banned anonymous crypto transactions

01.04.2022 - 07:20

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What’s new? On March 31, the European Union lawmakers voted to adopt new anti-money laundering (AML) regulations for cryptocurrencies. The users have to be required to identify themselves in order to make transactions over 1000 EUR, CoinDesk reports. The introduction of the new rules was supported by more than 90 members of the European Parliament.

CoinDesk’s material

More details about the new regulations. All cryptocurrency exchanges are required to report all customer transactions above 1000 EUR. On the same day, the EU Parliament voted for a bill under which all unlicensed crypto companies will have to cease their operations in Europe. To comply with the new regulations, all cryptocurrency firms must register as a business or obtain a license from the regulatory authority.

Opinions on the new regulations. Members of the center-right European People’s Party (EPP) opposed the changes, calling the new laws a “ban of self-hosted wallets.” EPP economic spokesman Markus Ferber stated:

“With this approach of regulating new technologies, the European Union will fall further behind other, more open-minded jurisdictions.”

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Editorial GetBlock Magazine

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