2024

Patrick

Bitcoin

<p class="is-style-lead">The EU has introduced a new directive that outlaws transactions using anonymous, privately managed crypto wallets for any transaction value.</p>
<p>A European Parliament representative <a href="https://twitter.com/echo_pbreyer/status/1771151729771298974" target="_blank" rel="noopener noreferrer nofollow">revealed</a> that the directive received approval from the majority of the EU Parliament’s leadership committee on Thursday.</p>
<p>This latest <a href="https://finance.ec.europa.eu/financial-crime/eu-context-anti-money-laundering-and-countering-financing-terrorism_en" target="_blank" rel="noopener noreferrer nofollow">regulation</a>, aimed at combating money laundering, sets limits on cash transactions and bans all anonymous cryptocurrency transactions. Specifically, it makes any cash transaction over €10,000 and any anonymous cash transaction over €3,000 illegal.</p>
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   <p lang="de" dir="ltr">🇩🇪Aufgrund des großen Interesses hier der Wortlaut des Gesetzes: <br>🇬🇧Due to great interest, read full text of the legislation here:<a href="https://t.co/X08v26UIPq" target="_blank" rel="noopener noreferrer nofollow">https://t.co/X08v26UIPq</a><a href="https://twitter.com/hashtag/Piraten?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Piraten</a></p>— Patrick Breyer #JoinMastodon (@echo_pbreyer) <a href="https://twitter.com/echo_pbreyer/status/1771151729771298974?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 22, 2024</a>
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<p>You might also like: <a href="https://crypto.news/cathie-wood-financial-superhighway-bitcoin-3-8-million/" rel="noopener noreferrer nofollow"> Ark Invest’s Cathie Wood expects Bitcoin to ride ‘financial superhighway’ to $3.8m </a></p>
<h2 class="wp-block-heading" id="eu-legislation">EU legislation</h2>
<p>The legislation targets transactions from private, unregistered crypto wallets to regulated service providers, effectively limiting their use due to the inherently anonymous and permissionless characteristics of cryptocurrency networks.</p>
<p>The regulation <a href="https://www.pinsentmasons.com/out-law/news/eu-bodies-agree-deal-on-expanding-reach-of-aml-rules-further-into-crypto-sector#:~:text=The%20directive%20includes%20steps%20to,proper%20checks%20on%20their%20clients." target="_blank" rel="noopener noreferrer nofollow">mandates</a> enhanced monitoring of cryptocurrency asset transfers and requires crypto businesses to implement rigorous due diligence practices to deter <a href="https://crypto.news/uk-treasury-proposes-regulatory-overhaul-for-crypto-assets-and-money-laundering/" rel="noopener noreferrer nofollow">money laundering</a>. The scope of entities required to adhere to these regulations has expanded to include most of the cryptocurrency industry, necessitating thorough customer background checks.</p>
<p>The legislation also emphasizes the necessity for detailed records of actual beneficiaries, aiming to disclose the real owners or controllers of legal entities. This initiative will compel a broad spectrum of entities, including banks, real estate firms, and cryptocurrency businesses, to intensify their customer verification processes.</p>
<p>The latest EU regulations are significantly changing how crypto is offered, managed, and traded in the region. Last week, leading exchange <a href="https://crypto.news/okx-usdt-pairs-solana-meme-coins/" rel="noopener noreferrer nofollow">OKX</a> announced the delisting of USDT trading pairs in the region, following the rules imposed on stablecoins by the forthcoming MiCA regulations.&nbsp;</p>
<p>Read more: <a href="https://crypto.news/do-kwon-montenegro-prison-release-extradition/" rel="noopener noreferrer nofollow"> Do Kwon to be released from Montenegro prison as court pauses extradition </a></p>

EU bans anonymous crypto wallet to combat money laundering

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