EU lawmakers have adopted a limit on anonymous crypto transfers

In the fight against money laundering and terrorist financing, the European Parliament has set a limit on crypto transactions for unverified users. According to the new rules, all users of crypto exchanges and services that have not passed the verification procedure will be able to send and receive crypto transfers in the amount of no more than €1,000.

The new limits were approved by lawmakers, with 99 votes in favor, eight against and six abstentions.

The rules regarding the ways to live in the country for investment were also tightened, and obtaining citizenship for investment was prohibited. Banks and real estate agents now are required to conduct verification of their customer’s identity.

This text was proposed by European regulators who believe that the anonymity of crypto transactions can contribute to illegal activities. However, in accordance with the new rules, all users who have passed the verification procedure will be able to send and receive cryptocurrencies without any limit.

This step will ensure higher transparency and security in the crypto industry. In addition, it will help prevent illegal activities such as drug trafficking, smuggling and terrorism. Some crypto companies have already expressed concerns that this measure may scare newcomers away from investing in digital currencies. However, it is not yet clear how much these rules will affect the crypto market in Europe.

In addition, a vote was held for the creation of an Anti-Money Laundering Authority in the European Union. It will monitor the activities of financial and credit institutions, as well as accept complaints from users, thereby acting as an intermediary between financial supervisory authorities and people. 102 votes were cast for this initiative, 11 deputies voted against it, and there were 2 abstentions.

Earlier, the EU authorities proposed new rules obliging crypto companies to inform the tax authorities about the tax details of their European users.