The European Union has set limits for cryptocurrency transactions

The countries of the European Union have announced new rules that are designed to make it harder to use cash and cryptocurrencies for criminal purposes.

According to the new EU directive, from November 6, in EU countries, no more than 10,000 euros ($10,557) can be used for a single cash payment. The Minister of Finance of the Czech Republic, Zbynek Stanjur, assured that in this way it will be much more difficult for users to remain anonymous when buying or selling digital assets.

The EC has agreed that crypto transactions worth more than €1,000 (1,055) will be verified by transaction operators, Virtual Asset Service Providers (VASPs). In addition, the European Union will scrutinize VASPs in relation to the fight against money laundering and terrorist financing (AML) in the same strict way as banks and other financial institutions. Exchanges and custodial service providers will be required to implement risk mitigation measures for their wallets, as well as other controls on cross-border crypto payments.

Recently, the EU authorities issued an addendum to the package of measures to combat tax evasion, which states that any companies working with cryptocurrency transactions will be required to report transactions to the tax authorities.

Source: Bits

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