MEPs have approved a limit of 1,000 euros on crypto transactions for unverified users as part of the fight against money laundering, terrorist financing and sanctions evasion.

According to a press release issued by the European Parliament, MPs have approved the bill, which is a “single set of rules” for the EU. It involves conducting a comprehensive due diligence of clients, transactions with crypto assets and other tools aimed at maintaining anonymity, as well as checking various financial organizations, including crowdfunding platforms. 99 votes were cast in favor of the bill, 8 people voted against and 6 abstained.

In particular, the law sets a limit on cash payments up to 7,000 euros and 1,000 euros on transfers of crypto assets for users with unverified identity. It also banned any schemes for obtaining citizenship by investment (“golden passports”) and introduced tougher measures for schemes aimed at the possibility of living in the country for investment (“golden visas”).

Banks managing traditional and digital assets, real estate agents, as well as professional football clubs will be required to verify the identity of their customers. Organizations should identify the different types of money laundering and terrorist financing risks that may be associated with their activities and report this information to the competent authority.

In addition, the deputies voted for the creation of the Anti-Money Laundering Authority (AMLA) to regulate the cryptocurrency industry in the European Union. The agency will supervise credit and financial institutions, as well as receive complaints from users, acting as an intermediary between people and financial supervisors. 102 legislators voted for this initiative, 11 people opposed it, and 2 abstained.

Recall that in March, the European Parliament adopted a law on a digital identification system to protect the privacy of digital wallets of EU citizens.