The European Parliament has recently given their approval to three draft bills aimed at bolstering regulations surrounding crypto transactions.
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These measures are focused on combating money laundering and terrorism financing and are not directly aimed at digital assets. However, once enacted, they will have significant implications for the industry by restricting anonymous transfers to a maximum of 1,000 euros.
The legislative package in question includes the so-called EU “single rulebook” which outlines guidelines for performing due diligence on customers, ensuring transparency of beneficial owners, and regulating the use of anonymous instruments such as crypto assets. The proposed legislation will have a profound impact on the crypto industry, compelling stakeholders to adhere to stricter measures in order to maintain compliance with the new regulations.
As per the regulations outlined in the drafts, certain types of businesses such as banks, cryptocurrency firms, and both virtual and real estate agents will be required to verify their customers’ identities and assets.
Additionally, there will be a restriction on the amount of transactions, with a maximum of €7,000 for cash transactions and €1,000 ($1,087 as of writing) for anonymous cryptocurrency transfers.
