EU Anti Money Laundering Act adds a threshold for crypto payment providers to address the vulnerability of untraceable transactions
According to reports, an article issued by the European Parliament on anti money laundering rules for commercial encrypted payments has caused a sensation in the European digital asset industry. Policymakers hope to close the loophole of untraceable transactions by banning unregulated cryptopayment service providers operating in the EU from paying more than the 1000 euro ($1070) threshold. However, the industry is concerned that this increase may deviate from the regulatory path already outlined in the final bill, such as the upcoming implementation of crypto asset market and fund transfer regulation, or hinder innovation in the decentralized financial sector. The legislation is currently under negotiation and may change.
Interpretation of this information:
The European Parliament has caused a stir in the digital asset industry with an article on anti-money laundering rules for encrypted payments. The aim of the regulations is to close the loophole of untraceable transactions by banning unregulated cryptopayment service providers in the EU from paying more than 1000 euros. However, some industry players fear that this limit may hinder innovation and deviate from the regulatory path already outlined in the final bill. The bill includes the forthcoming regulation of crypto asset markets and fund transfers. The legislation is currently under negotiation and may be subject to change.
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