Bitcoin News- On November 6th, the bloc agreed to allow cash transfers of up to €10,000 ($10,557).
- All forms of payment, not just cash, will be subject to the new regulations.
EU member states have issued new guidelines designed to restrict criminals’ access to cash and other decentralized payment systems like cryptocurrencies. On November 6th, the bloc agreed to allow cash transfers of up to €10,000 ($10,557). However, individual nations will have the option to lower the cap even more.
When it comes to the amount of money that may be carried about in cash, Spain now has one of the lowest limitations, at €1,000 ($1,055). The European Central Bank (ECB) disagreed with this in 2018, labeling the policy as “disproportionate” since it might reduce the use of cash as legal tender.
Countries Classification as per Compliance
All forms of payment, not just cash, will be subject to the new regulations. The organization also plans to exert more oversight over other industries, such as the jewelry and goldsmithing industries.
According to Czech Republic Finance Minister Zbynek Stanjur:
“Cash payments of more than 10,000 euros will be impossible. Remaining anonymous when buying or selling crypto assets will be much more difficult. Hiding behind several layers of corporate ownership will no longer work. It will be even more difficult to launder dirty money with jewelry or goldsmithing.”
The organization will also implement a new method for classifying countries according to their degree of compliance with the recommendations of the Financial Action Task Force (FATF), which includes grey and black lists.
As Stanjur has already mentioned, cryptocurrency will also be a component of these regulations. Virtual asset service providers (VASPs) in the European Union have agreed to conduct due diligence inquiries into crypto transactions with a value of more than €1,000 ($1,055).
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Source: https://thenewscrypto.com/eu-sets-cap-on-cash-transactions-along-with-crypto-payments/