EU's Crypto Regulations: From Limits to Smart Contracts and Anti-Money Laundering
Bitcoiners projected the cryptocurrency's logo with a message to "study Bitcoin" on the European Central Bank building in Frankfurt, as the European Parliament adopted a new draft bill focused on Anti-Money Laundering and Countering the Financing of Terrorism. The bill sets out potential new rules enforcing Know Your Customer requirements for traditional financial and crypto-related services, and seeks to restrict cash and cryptocurrency payments for goods and services where customers cannot be identified. The rules limit cash payments to up to 7,000 euros for cryptocurrency transactions or 1,000 euros if the user's identity is unknown. The bill is separate from the European Parliament's impending Markets in Crypto-Assets bill, which is set to come into effect in 2024.