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The EU is working to tighten rules on the sending of cryptocurrencies

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The European Commission has come up with a new proposal that seeks to block large anonymous transfers of cryptocurrencies in an effort to curb money laundering. What else stands in the newly submitted EC document?

EU in the fight against money laundering

Earlier last week, the European Commission presented a new proposal on the provision of services in the cryptocurrency industry. According to this proposal, transfer service providers must have the name of the originator, the transfer, the account number, the customer identification number or the place of birth.

Additional requirements for cryptocurrency payments would occur when the transfer exceeds EUR 1 000. In its proposal, the Commission stated:

“Money laundering and terrorist financing are a serious grave for EU integrity, the financial system and the security of citizens. Europol has estimated that around 1% of the EU’s annual gross domestic product is suspected of illegal activity. “

The new requirements were part of other legislative proposals submitted by the European Commission on 20 July 2021. All proposals were aimed at improving the detection of suspicious transactions and stopping the financing of terrorist activities.

According to the European Parliament, the new proposal could become law in two years. The proposal could undergo a number of changes that could tighten or alleviate the situation.


For the time being, the aim of the European Commission’s proposal is to limit the excessive sending of cryptocurrencies anonymously for money laundering and KYC purposes. However, similar regulations against cryptocurrencies could be tightened in the future. You can read the entire document on the regulation of cryptocurrency payments of the European Commission under the attached link HERE.

What do you think about similar regulations?

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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