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EU Passes Bill in Final Vote to Increase Crypto Monitoring, Bans Anonymous Transactions Over €10,000

Apr 25, 2024, 04:34 AM

The European Parliament has passed a significant anti-money laundering bill targeting the cryptocurrency sector in its final vote. The new legislation mandates increased monitoring of crypto-asset service providers (CASPs) and bans anonymous crypto transactions. This includes the prohibition of anonymous hosted wallets and cash payments over €10,000. The bill requires crypto firms to collect detailed data on users and their transactions, and enforce stricter monitoring of non-custodial wallets. This move is part of the EU's broader efforts to combat money laundering and enhance regulatory oversight of the cryptocurrency industry.