EU Charges Ahead in Anti-Money Laundering Fight with Sweeping New Laws

The European Union (EU) has implemented new anti-money laundering (AML) regulations targeting cryptocurrencies and cash transactions. Cash usage is restricted, with limits on transactions exceeding €3,000 and €10,000. Cryptocurrency payments using anonymous self-custody wallets are prohibited, with enforcement expected within three years. The new AML measures are part of the EU's efforts to combat money laundering, with the aim of fostering transparency and compliance in the digital asset space.

Is the EU Leading the Charge Against Money Laundering?

The European Union (EU) has taken a bold step in the fight against money laundering with the introduction of new anti-money laundering (AML) laws. The EU Parliament's leading commission has enacted a regulation that specifically targets cryptocurrency and cash transactions.

Are Cash Transactions Becoming a Thing of the Past in Europe?

Under the new rules, cash usage is being severely restricted. Any cash transaction above €3,000 will be prohibited, and any cash payment exceeding €10,000 will be limited. Anonymous wallets will also be forbidden for making Bitcoin payments.

Are Cryptocurrency Payments in the EU About to Get More Difficult?

Arguably the most controversial aspect of the new AML package is the ban on cryptocurrency payments conducted with anonymous self-custody wallets. This applies to any digital wallet not run by a licensed provider, whether browser-based, desktop, or mobile.

When Will These New AML Laws Take Effect?

The new AML legislation will be enforced within three years of its formal going into effect. However, Dillon Eustace, a Dublin legal practice, believes these regulations will be fully functional well before the usual enforcement timeframe.

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• Lemon Cash Sells Bitcoins to Over 35,000 Customers in Argentina: Lemon Cash, an Argentinan cryptocurrency exchange, has reportedly sold Bitcoins to over 35,000 customers in the past week.
• Grayscale Bitcoin ETF Faces Outflow of Funds: Grayscale bitcoin exchange-traded fund (ETF) has been experiencing a severe outflow of funds in recent days.

Market Price Update

• The crypto market capitalization has surged more than 2.40% in the past 24 hours, reaching $2.47 Trillion.
• Bitcoin (BTC) has added 2.04% to its trading price intraday, trading at $64,619 with a decline of 14% in its trading volume.
• Ethereum (ETH) has grown 1.00% in the past 24 hours, but its trading volume has declined by 8.20%. Analysts attribute this decline to the ongoing investigation into the Ethereum foundation.

Intraday Gainers

• Toncoin and Bitcoin Cash are competing for the top position of the intraday gainer's list.
• Gala price has grown by 15.26%, Worldcoin by 11.58%, Dogecoin by 10.83%, and Floki by 9.35%.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice.