EU Lawmakers Set Limits on Unverified Crypto Users
The European government is currently developing its approach to cryptocurrency regulation.
However, lawmakers recently announced a new rule targeting users with unverified identities who engage in anonymous transactions or hold digital assets to prevent money laundering and terrorist financing.
This new law applies to various entities, including banks, real estate agents, and crypto asset managers.
As part of the EU’s revamped anti-money laundering regulations, the lawmakers have imposed a €1,000 limit on unverified crypto users and a €7,000 limit on cash payments for the same category of users.
These limits are not intended to ban crypto transactions but to target money laundering. The limits come alongside measures that restrict businesses from accepting large payments from anonymous sources.
The European Parliament and other lawmakers also voted to create a new Anti-Money Laundering Agency for the EU (AMLA), with supervisory and investigative powers “to ensure compliance with AML/CFT requirements.”
READ MORE: Hong Kong Sets Its Sights on Becoming Asia’s Leading Crypto Hub
The AMLA will monitor risks and threats within and outside the EU, and it will also receive whistleblower complaints and ensure stronger oversight of supervisors in the non-financial sector.
The French lawmaker leading the parliament’s negotiations on revamping its AML regulations clarified that the law does not aim to ban crypto payments but rather to target money laundering, as the limit cap only applies to unregulated wallets and unverified users.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
