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<h2 id="header-0">Key Takeaways</h2><ul><li>The EU has adopted new draft legislation aimed at preventing money laundering and terrorist financing through the use of #cryptocurrencies</li><li>The legislation imposes a cap of 1,000 euros on anonymous #crypto transfers and limits cash transactions to 7,000 euros</li><li>The European Anti-Money Laundering Authority (AMLA) was established to enforce regulations, and the final vote on the European Union&#39;s Markets in #Crypto Assets (MiCA) regulation has been postponed until April 2023</li></ul><h3 id="the-european-union-has-recently-implemented-new-regulations-aimed-at-preventing-money-laundering-through-the-use-of-cryptocurrencies">The European Union has recently implemented new regulations aimed at preventing money laundering through the use of #cryptocurrencies.</h3>The European Union (EU) has adopted a new draft of legislation aimed at preventing money laundering and terrorist financing through the use of #cryptocurrencies. The legislation imposes a cap of 1,000 euros ($1,083) on anonymous crypto transfers and also limits cash transactions to 7,000 euros ($7,585).The EU aims to prevent money laundering and terrorist financing by limiting anonymous crypto transfers and cash transactions. This move is a significant step towards ensuring the safety and security of financial transactions within the EU.The newly adopted texts require greater transparency and compliance from <a href="https://www.coingabbar.com/en/crypto-currency-news/he-governments-plan-to-become-a-crypto-assets-center-might-simply-be-a-way-of-hedging-its-bets" rel="noopener noreferrer nofollow">crypto-asset</a> managers, as well as verification of customers&#39; identities, assets, and company control.Entities such as banks, real estate agents, and high-level professional football clubs must establish specific risks associated with money laundering and terrorist financing within their business area and report this information to a centralized registry.The European <a href="https://www.coingabbar.com/en/crypto-currency-news/eu-reached-a-consensus-on-cryptocurrency-anti-money-laundering-regulations" rel="noopener noreferrer nofollow">Anti-Money Laundering</a> Authority (AMLA) was established in June 2022 to enforce regulations. Emil Radev, co-rapporteur for the AMLA, emphasised the value of close coordination between the new authority and national supervisors as well as direct oversight of the riskiest financial companies and #crypto asset service providers working across multiple member states.The European Banking #Federation (EBF) has proposed a three-tiered model for the digital euro, which involves the European Central Bank and two industry levels.The first industry level would interact with the Single Euro Payments Area, while the second, known as &#34;Industry Level B,&#34; would be developed and operated by the private sector. The proposal aims to create a system that is both accessible and reliable for all users.The Markets in #Crypto Assets (MiCA) regulation of the European Union has been delayed until April 2023, though, for the final decision. This delay highlights the challenges that policymakers face in regulating the rapidly evolving world of #cryptocurrencies.As the digital economy continues to grow, it is essential that policymakers work together to create a regulatory framework that protects consumers while promoting innovation and growth.Also, read - <a href="https://www.coingabbar.com/en/crypto-currency-news/galaxy-digital-ceo-mike-novogratz-ai-regulation-more-pressing-than-crypto" rel="noopener noreferrer nofollow">Galaxy Digital CEO Mike Novogratz: AI Regulation More Pressing than Crypto</a>

European Union Adopts New Regulations to Prevent Crypto-Based Money Laundering

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