EU Authorities Approve Payment Limits on Non-KYC Crypto Users
- There were 99 yes votes and 8 no votes in support of the restrictions.
- Parliamentary deliberations on the revamp are being led by Damien Carême.
As part of a sweeping revision of anti-money-laundering regulations, lawmakers in two influential committees of the European Parliament decided to place restrictions on payments made by individuals who cannot prove their identity.
Plans to establish a new European Union Anti-Money Laundering Agency, AMLA, and prohibit firms from receiving significant cash payments were approved by the parliament’s Economics and Civil Liberties committees on Tuesday.
Applies Only to Anonymous Users
There were 99 yes votes and 8 no votes in support of the restrictions. Parliamentary deliberations on the revamp are being led by French legislator Damien Carême, who previously assured reporters that the measures wouldn’t ban crypto payments since the 1,000 euro limit wouldn’t apply if a regulated wallet provider was used or the payer’s identity was established.
After a series of incidents involving dirty money inside the EU, such as the release of the Pandora Papers and the fact that Danske Bank processed Russian payments, the restrictions were recommended.
The decision clears the way for talks to begin with the Council, which represents EU member states and has attempted to abolish anonymous cryptocurrencies like monero and dash. Rules requiring the identification of money transfer senders and receivers are also scheduled for final approval by parliament in April.
On the other hand, the crackdown on crypto firms continues in the U.S. On Tuesday, Rostin Behnam, head of the Commodities Futures Trading Commission (CFTC), said that Binance’s attempts to circumvent U.S. restrictions and allow U.S. people to utilize the platform through the use of VPNs constituted an “ongoing fraud.”
The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Binance and its CEO, Changpeng “CZ” Zhao, alleging that they illegally marketed crypto derivatives products in the United States.
Read more: https://thenewscrypto.com/eu-authorities-approve-payment-limits-on-non-kyc-crypto-users/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
