Anonymous Crypto Wallets Are Declared Illegal In The EU
On March 19, crypto-currency payments of any size using unidentified crypto-wallets with self-storage were declared illegal in the territory of the European Union. yuza (EC). This decision was made to combat money laundering (AML).
In addition to personal identification, the cryptocurrency service provider may request additional information about the origin and destination of crypto assets, as well as track transactions and apply “any other measures to reduce the risks of money laundering and terrorist financing.” In addition, the document prohibits cash payments of more than €10,000 and anonymous cash payments of more than €3,000.
MEP Patrick Breyer questioned the effectiveness of the new Regulation. “Banning anonymous payments would have a minimal impact on criminals at best, but would deny financial freedom to innocent citizens,” Beyer said. He also believes the EU’s cash war “will backfire” due to increasing dependence on banks.
Shadow economy expert Friedrich Schneider believes that these measures will have “minimal impact on reducing the crime rate.” Let us add that the new anti-money laundering law will actually prohibit payments in cryptocurrencies through self-storage wallets.