EU to Limit Cash Payments to €10,000 Transactions, Over $1,000 in Crypto Will be Scrutinized

EU to Limit Cash Payments to €10,000 Transactions, Over $1,000 in Crypto Will be Scrutinized

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In order to tackle some financial problems like money laundering, the member states of the European Union have met to set a limit to cash transactions and also scrutinized crypto dealings that are more than $1,055.

EU to Limit Cash Usage

To tackle money laundering in its region, the countries of the European Union have agreed to tighten cash usage in the region as per a release on December 7.

According to the Union, terrorists and those who fund them have been capitalizing on the loopholes in the region’s financial system to launder dirty money.

Even though there have been strict rules guiding the region’s financial system, the members of the EU are looking for every loophole in the region’s financial system to make it uneasy to launder dirty money in the region.

Therefore, large cash payments beyond 10,000 euros will not be allowed henceforth, also, hiding behind multiple layers of ownership of companies will not work anymore. It will even become difficult to launder dirty money via jewellers or goldsmiths.

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New Rules Extend to Crypto

As the EU is looking to enforce anti-money laundering (AML) rules in its region, the crypto sector is not left behind by the Union.

“Trying to stay anonymous when buying or selling crypto-assets will become much more difficult,” a statement from the release read.

The Union furthered by calling on all crypto-asset service providers (CASPs) to “conduct due diligence on their customers,” adding that CASPs should verify facts and information about their customers.

The council demanded that whenever crypto assets service providers are carrying out transactions of up to or more than 1,000 euros, they should apply customers due diligence measures.

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Angela James
Angela James
1 month ago

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