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New restrictions on anonymous transactions and cash are being developed in the EU

New restrictions on anonymous transactions and cash are being developed in the EU

The EU Parliament adopted a decision that can have a qualitative impact on cryptocurrency operations in the Union.

The new legislation is expected to strengthen anti-money laundering measures and introduce restrictions on anonymous transactions, including in the field of cryptocurrencies and cash settlement. According to the law, anonymous cryptocurrency transactions through custodial wallets without any amount threshold will be prohibited.

In addition, the restrictions will affect cash payments in the amount of more than 10,000 euros and anonymous cash payments in the amount of more than 3,000 euros. The crypto community reacts to the adoption of this law in different ways. A considerable number of experts are sure that these measures will help fight against the abuse of the financial system and the financing of terrorism. But at the same time, they are worried. because there is a high probability of possible restriction of privacy and economic activity of citizens. One of the members of the European Parliament believes that the ability to carry out anonymous transactions is the right of every person.

The new legislation can be fully implemented within three years after its official implementation. However, there is a high probability that it may happen earlier.

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