Cash Restrictions
The European Union (EU) is cracking down on anonymous cash transactions. Cash payments over €10,000 and anonymous cash payments over €3,000 will be banned.
Crypto Restrictions
Crypto payments to hosted wallets will also be banned, regardless of the amount.
Anti-Money Laundering Authority
The EU will establish the Anti-Money Laundering Authority (AMLA) to oversee the new rules. This will lead to increased supervision for all firms, not just those directly targeted.
Global Crackdown
Other countries are also targeting illicit activities involving digital assets. In the US, the Treasury Department is focusing on self-custody crypto wallets due to their potential for anonymity.
