EU lawmakers push for stricter rules on anonymous crypto transfers

cointelegraph.com:

European Union lawmakers have adopted new draft legislation that would impose a 1000 euro ($1,083) cap on anonymous crypto asset transfers in a bid to combat money laundering and terrorist financing.

According to a European Parliament statement published on March 28, the limit would apply to a crypto asset transfer in cases when a customer can’t be identified. Cash transactions will also be capped at 7,000 euros ($7,585). 

The AML/CTF package is set to be confirmed in a plenary session in April. After that, negotiations on the final shape of the bills will begin, it said.

Aujourd’hui a eu lieu un vote important au @Europarl_EN dans le domaine de la lutte contre le blanchiment d’argent et le financement du terrorisme. Cela concerne notamment les #NFT et les plateformes de cryptos. Thread pic.twitter.com/qP95NsQ3Cw

It was noted that the European Anti-Money Laundering Authority (AMLA), which was formed in June 2022, would eventually enforce the rules.

“For us, it is important the new authority cooperates very closely with national supervisors and that it directly supervises the riskiest crypto asset service providers and companies in the financial sector that operate in several member states,” said Emil Radev, co-rapporteur for the AMLA.

The text relating to the use of anonymous instruments, including crypto assets, was overwhelmingly approved by lawmakers — “with 99 votes to 8 and 6 abstentions.”

The newly adopted texts indicate that the introduction of the bill will require a greater level of transparency and compliance, particularly from crypto-asset managers. It noted:

It was also noted that these industries will need to establish specific types of risks associated with money laundering and terrorist financing within their