The European Union (EU) Implements Limits and Regulations in Certain Aspects Related to Bitcoin and Cryptocurrencies

The anti-money-laundering (AML) regulations of the European Union have imposed regulations on Bitcoin and other cryptocurrencies.

The use of anonymous self-storage crypto wallets to conduct cryptocurrency payments of any amount is now forbidden in the European Union (EU), a significant legislative step.

This comes as part of broader efforts to combat money laundering (AML) that are taking place all across the African continent.

Patrick Breyer detailed the ban’s approval by the majority of the EU Parliament’s top committee on March 19 in an article. The Deutsch Piraten Party has a representative in the European Parliament.

Breyer expressed opposition to the ratification alongside two other leaders. Another lawmaker from the Alternative Für Deutschland (AfD) party, Gunnar Beck, cast a vote of disapproval.

Certain limits for cash transfers and anonymous cryptocurrency payments are the focus of the new anti-money laundering legislation. In particular, it will be prohibited to pay more than €10,000 in cash or more than €3,000 in anonymous currency.

Unidentified wallets, or wallets run by service providers, will be the only ones subject to the cryptocurrency payment prohibition. All self-custody wallets offered via web, desktop, or mobile apps fall under this category.

The recently authorized anti-money-laundering package will be put into action three years after its ratification, according to the Irish legal firm Dillon Eustace. But the company thinks these rules will be fully operational before the usual implementation date.

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