The European Union strikes back against cryptocurrency and imposes strict limits on transactions above €1000

Submitted by Wega58 t3_126rb09 in wallstreetbets

The European Union has taken a significant step towards curbing anonymous cryptocurrency transactions with a recent vote by lawmakers to impose limits on unverified users. This move is part of the EUs broader effort to strengthen its anti-money laundering AML measures and prevent financial crimes involving cryptocurrencies, non-fungible tokens NFTs, and the metaverse. Under the new measures, anonymous crypto transfers exceeding €1,000 are prohibited, with larger transactions permitted only if the customers identity can be confirmed or if a regulated crypto provider is involved. Private crypto transfers between individuals, such as large payments between friends, will still be allowed. In addition, the use of privacy coins like Monero XMR-USD and crypto mixers, which obscure the sender and receiver of transactions, will be taken into account when assessing money-laundering risks. EU crypto providers will also be forbidden from maintaining correspondent relationships with unregistered or unlicensed foreign cryptocurrency providers.

https://finance.yahoo.com/news/eu-lawmakers-impose-1-000-115535489.html

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VisualMod t1_jeadfuh wrote

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>TL;DR: The European Union has voted to impose limits on anonymous cryptocurrency transactions in an effort to reduce financial crimes involving cryptocurrencies. Under the new measures, private crypto transfers between individuals are still allowed, but large payments between friends will only be permitted if the customers identity can be confirmed or if a regulated crypto provider is involved.
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DOGEWHALE t1_jeanxvf wrote

I hear El salvador is nice this time of year

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IMKGI t1_jeaqhoo wrote

That guy i regularly buy (insert illegal good here) from is ony of my best buddies, i don't know what you're talking about, haven't broken any laws

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thetaFAANG t1_jeb4fxj wrote

> draft bill

> doesn't affect anything on chain

> financial institutions in some microstates on the continent will still be able to do whatever, especially if not in the EU or Eurozone. some crypto exchanges will just bank there and have access to the whole EU market.

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BaxtersHomie t1_jeboc6k wrote

Governments hate it when you’re able to have a source of living that isn’t monitored by them. It’s because they care about us though.

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Dormage t1_jebtdaa wrote

Sometimes I wonder if they know how dumb they are and do it anyways.

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That-Whereas3367 t1_jeceeg2 wrote

Replying to justknoweverything (#2,502,855)

You are incredibly naive. Governments already track all crypto transactions. They can ban mining, shut down domains, ban banks from converting to cash and seize wallets. The final option is making possession of crypto a crime. In that case 99% of users will stop using it and the value will plummet.

−8

Otherwise-Degree-368 t1_jechhmi wrote

Replying to That-Whereas3367 (#2,506,986)

  1. Anyone can track transactions. It's literally a PUBLIC ledger. Transactions can remain anonymous. Depends on where and how you acquired or disperse of said crypto.
  2. Bans... Like the ban on drugs? Highly effective.
  3. Domains aren't required.
  4. Seize wallets? They can try to steal wallets, which may or may not be easy, if at all possible, depending on the wallet.
  5. Crypto a crime... I refer to point 2. As we see in other nations that have destroyed their currency, bans are highly ineffective when people have their livelihoods to worry about.

Crypto is here to stay. And what Govt can't do is print more of it. Finally, sound money for the people.

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Key-Fortune-8904 t1_jechra7 wrote

Basically don’t want Europeans pulling their money out of banks and buying Bitcoin.

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NotPresidentChump t1_jed9hmn wrote

The EU will be basically irrelevant by the end of the century. Change my mind.

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CapricornPrime t1_jeglrrq wrote

Oh dear, someone is falling behind on bribing some MEPs. Feel a crypto hate story about to break?

What happened to Qatar Gate? Which should be called more Corrupt EU gate.

Amazing how paying media for positive courage is the EU makes scandals disappear!

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