EU Lawmakers Pass Measure to Set €1,000 Limit on Unidentified Crypto Transactions – Regulation Bitcoin News


EU lawmakers have approved to cap payments up to €1,000 for crypto-asset transfers where the customer cannot be identified, as part of a new rulebook on financial regulation.

Lawmakers Approve New EU Rules

On Tuesday, members of the European Parliament (MEP) from the Economic and Monetary Affairs Committee (ECON) and the Civil Liberties, Justice and Home Affairs Committee (LIBE) adopted their position on three pieces of draft legislation on the financing provisions of EU Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) policy.

The “single rulebook” regulation was approved with 99 votes to 8 and 6 abstentions, according to an announcement by the European Parliament. This regulation contains “provisions on conducting due diligence on customers, transparency of beneficial owners and the use of anonymous instruments, such as crypto-assets, and new entities, such as crowdfunding platforms,” the announcement outlines.

“According to the adopted texts, entities, such as banks, assets and crypto assets managers, real and virtual estate agents and high-level professional football clubs, will be required to verify their customers’ identity, what they own and who controls the company,” the European Parliament noted, adding:

To restrict transactions in cash and crypto assets, MEPs have set limits up to €7,000 for cash payments and €1,000 [$1,084] for crypto-asset transfers, where the customer cannot be identified.

European Parliament Member Aurore Lalucq explained on Twitter that new legislation specifically affects cryptocurrency trading platforms and non-fungible tokens (NFTs).

She stressed that NFTs, which were not included in the new Market in Crypto-assets Regulation (MiCA), will now be subject to anti-money laundering rules, and NFT platforms must now comply with these legal obligations. Lalucq added that the European Anti-Money Laundering Authority (AMLA) will be able to establish a list of risky platforms based outside the EU.

In addition, due diligence procedures will be put in place for transactions made with unhosted wallets, she said, emphasizing that purchases over €1,000 will only be authorized if the owner or beneficiary can be identified. Furthermore, the lawmaker noted that relationships with unregistered or unlicensed platforms and entities will be prohibited and AMLA will create a list of these entities.

What do you think about the EU’s measure to impose a €1,000 limit on crypto transactions where the customer cannot be identified? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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