In a big move, the European Union has updated its rules on handling money through cryptocurrencies. Before, they thought about making a rule where you couldn’t send more than €1,000 from your own crypto wallet. But, they decided not to include this in the new Anti-Money Laundering laws

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• The EU decided not to set a €1,000 limit on money sent using personal crypto wallets.
• Even without this limit, companies that help people trade in crypto must still check who their customers are if they move €1,000 or more.
• The new rules also say people can’t use lots of cash secretly. Cash deals are capped at €10,000, and you can’t hide who you are if you use more than €3,000 in cash.

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European Union Changes Rules on Crypto Wallet Money Handling

On March 19, two important groups in the European Parliament agreed on this change. They had been talking about it since January. The original idea was to make sure people didn’t hide their identity when they sent a lot of money using crypto. But this part was removed from the final rules.

However, businesses in the EU that help people buy, sell, or trade crypto (called CASPs) still have to be really careful about knowing who their customers are. If someone wants to move €1,000 or more, the business has to check their identity.

These changes are part of bigger efforts to keep an eye on the crypto market. The EU wants to stop anonymous accounts and the use of certain private coins that make it hard to see where money is going.

Besides crypto, the new rules also put limits on how much cash you can use in one go. You can’t use more than €10,000 in cash for big purchases, and if you want to use more than €3,000 in cash, you can’t keep your name a secret.

These rules are expected to be fully in place by 2027, after more discussions f or some individuals, who believe that cash war is a way to ban consumer anonymit and monetary autonomy to use their own money. Some would say it’s great as it will make walking safer, while others think it to be something negative, for it will make streets less commercial.

​ Daniel Tröster alias Loddi has brought up these law rules which could bring some obstacles in democracy for people to give their funds to causes they care about and can be also an obstruction to the usage of crypto currency in Europe.

​ Digital cash transfers undergoing constant changes call for keeping up with all the amendments. So, we invite you to join our newsletter sign-up that gives current crypto and you knowledge of the recent changes in rules and laws. Stay abreast of the cutting-edge technologies. Ensure you are an informed citizen and know what financial world is going on.