Crypto Transactions Over €1,000 Faces Due Diligence Enquiries In The EU

The European Union’s states set a new limit on cash purchases and tighten controls on cryptocurrency transactions. The EU imposed a €10,000 ($10,557) restriction on cash transfers and increased control of crypto transactions worth more than 1,000 euros ($1,055).

The European Union has adopted a set of new guidelines to make it more difficult to use cash and other alternative currencies such as cryptocurrency for illicit purposes. On November 6, the bloc adopted a new cash payment maximum of up to €10,000 ($10,557) in all of the union’s member countries. Countries may, however, increase the limit even further.

Likewise, Cryptocurrencies will be included in this package of actions. The European Union agreed that crypto transactions worth more than €1,000 ($1,055) will be subject to due diligence checks by the virtual asset service providers (VASPs) who facilitate them.

Besides, the European Union will subject VASPs to the same level of anti-money laundering and terrorism financing scrutiny as other financial institutions. These exchanges and custody providers will have to implement risk mitigation aspects when working with self-hosted wallets, as well as other particular procedures aimed at controlling cross-border crypto transfers.

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