EU asks firms to keep checks on crypto transactions above $1,000 <br><br>

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EU asks firms to keep checks on crypto transactions above $1,000

The European Council asks crypto exchanges to have thorough checks on every transaction worth Euro 1,000 or above. Last week only, the council proposed anti-money laundering regulations (AML) and a new directive (AMLD6) to protect EU citizens and the EU’s financial system.

These rules have been reached by the European Parliament; if they are adopted, they will form the new EU AML rulebook.

“Large cash payments beyond €10.000 will become impossible,” said the minister for finance of Czechia, Zbyněk Stanjura. He also claimed that staying anonymous while dealing with crypto assets will get tougher. “Hiding behind multiple layers of ownership of companies won’t work anymore. It will even become difficult to launder dirty money via jewelers or goldsmiths”, said  Zbyněk Stanjura, minister for finance of Czechia,” he said.

The European Parliament is yet to approve the rule and is in its final and concluding stage; this rule will be applied to all crypto-asset service providers (CASPs).

Almost all nations have become vigilant after the collapse of FTX, and many are now looking forward to having strict crypto regulations; the same is what now EU is doing.

Bruno La Maries, finance minister of France, shared a similar crypto proposal to the European Council almost two years ago.

He also proposes to combat anonymity in crypto dealings; he said, “We must dry up all the financial circuits of terrorism to the smallest euro.”

Even in Portugal, Fernando medina proposed to remove the country’s status of crypto tax heaven by sharing a new bill to put the tax on crypto profits. This proposed crypto tax bill may go through with the EU anti-money laundering rule.  The European Council will be the final decision maker on this bill, even though the EU parliament will make amends with the proposed rule and directive.

At Peak Blockchain, we’re always on the lookout for the latest developments in blockchain technology. We’ve also added our analysis of all the new coins that have been launched recently to our Blockchain Knowledge Base, so you can stay up-to-date on everything that’s happening in the space.