EU favors cap on anonymous crypto payments

Two committees have voted in favor of capping crypto payments made by anonymous and unverified crypto wallets.

The European Union (EU) is closer to capping the amounts that anonymous crypto wallets may process.

The move was backed by two European Parliament committees which are looking into the regulation of the crypto industry in the political and economic alliance.

Lawmakers in both committees have backed the proposal to introduce transaction limits for unverified crypto users, a decision that comes as part of a bigger overhaul of European money laundering laws.

The EU is seeking to establish a new Anti-Money Laundering Agency (AMLA), which has already got the go-ahead of the Economics and Civil Liberties committees this Tuesday.

The proposed new rules were passed with overwhelming support, as 99 lawmakers voted in favor, with eight against, and six abstaining from voting.

The new measures also block businesses from receiving large sums of money in cash. Previous rumors that a broader limitation of crypto payments may be enacted have proven to be false, with the €1,000 cap only concerning wallets whose owners were unverified.

A tighter control over crypto payments was pitched after several financial scandals rocked the EU, including the Pandora Papers and the processing of Russian money by Danske Bank.

More measures may yet be passed. Some member states have insisted on the outlawing of cryptocurrencies that are designed to promote anonymity, such as Monero and Dash.

The EU is also looking to force banks to take their exposure to cryptocurrency funds more seriously.

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Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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