The European Parliament Prepares To End Anonymity For Even Minor Crypto Transactions

2022-03-25 23:22:12

According to leaked data, the European Parliament is leaning to vote against any anonymity when it comes to crypto transactions in Europe, including even the smallest amount. As per the information shown in the leaked documents, the voting will take place during next week’s meeting of the Economic Affairs Committee.

More specifically, the lawmakers at the Economic committee want to find a permanent solution for a multitude of issues such as putting an end to all crypto transfers that are between EU and non-EU countries.

In addition, lawmakers want to impose frequent anti-money-laundering checks for all private/self-hosted wallets, as well as lowering the minimum amount limit in order for the government to ID even the smallest transfers.

Currently, the limit before the law requires details of the transaction, as well as the ID of the persons involved, is capped at $1.099. However, as per the lawmakers at the Economic Committee, this doesn’t prevent crime such as money laundering from taking place, especially since all it takes is to break down the transaction into smaller sums, or something that is known as ‘smurfing’.

Considering the pressure from various European money-laundering authorities and officials that label crypto as ideal for funding illegal activities such as terrorism, arms trafficking and child abuse, it looks like the European Parliament is definitely voting to abolish crypto anonymity. Regardless of the size of the crypto transaction, or the people involved, everything is going to be out in the open.

One of the biggest concerns of the crypto community regarding this law is the fact that there are going to be no more crypto transactions between Europe and the rest of the world. For the time being, it is still not sure whether the Parliament will completely prohibit crypto trading with countries outside of Europe, or just impose a ridiculous tax.

Either way, it looks like Europe should prepare for a big change on the crypto scene, especially since the leaked data is showing that European Parliament already decided to vote against crypto.

This news come no more than one week after the European Supervisory Authorities warned the population in Europe of a pending legal framework, and increased control on crypto assets in the upcoming 2022.

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