The The states European Union They have also agreed to set a new cash purchase limit and tighten control on cryptocurrency transactions. On Nov. 6, The bloc agreed that a $10,000 euro cap would be placed on cash payments. It also will tighten supervision of crypto transactions above 1,000 euros ($1,055).
The European Union To combat money laundering, the plan will restrict cash use
The The countries of European Union We have issued a new set of directives that will make it harder for criminals using cash and altcoins such as cryptocurrencies. On November 6, the bloc approved a new limit for cash payments, which will allow up to €10,000 ($10,557) in all countries that are part of the union. HoweverCountries may lower the limit.
Spain currently has one of the lowest limits in this regard, allowing citizens to pay up to €1,000 ($1,055) in cash. HoweverThe European Central Bank The 2018 measure was criticized by the (ECB), which the institution called it. “disproportionate” It could be used to limit the cash use as legal tender.
It This new round of measures will not affect cash payments only. Other Sectors like jewelry and goldsmiths will also be under greater control of the organization.
Zbynek Stanjur, Minister This is Finance The Czech Republic, stated:
Cash Payments exceeding 10,000 euros are not possible. Remaining It will be more difficult to remain anonymous when purchasing or selling crypto assets. Hiding It will not work if there are multiple layers of corporate ownership. It It will be more difficult to wash dirty money when it is accompanied by silverware or jewelry.
The A new classification system will be introduced by the bloc that will allow countries to reflect their compliance with the recommendations. Financial Action Task Force (FATF) – Includes the gray and black list.
Crypto Also included are transactions
As Stanjur As mentioned, cryptocurrencies are also included in the set of measures. The European Union has agreed that crypto transactions exceeding €1,000 ($1,055) in value will face due diligence inquiries from the virtual asset service providers (VASPs) that facilitate them.
In In addition, European Union VASPs will now be subject to the same scrutiny for money laundering or terrorist financing as other financial institutions. These Exchanges and custody providers must introduce risk mitigation elements to self-hosted wallets, and other measures that are specifically designed to control cross-border payments using cryptocurrency.
What What do you think about the most recent measures taken by the to stop money laundering? European Union? Tell Leave a comment in the section below.
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