In a recent regulatory development, cryptocurrency payments of any size using unidentified self-custody crypto wallets are now illegal in the European Union (EU). This decision is part of a set of new anti-money laundering laws (AML) in the continent.
The majority of the EU Parliament’s lead commission approved the prohibition on March 19, according to Patrick Breyer’s post.
Notably, Dr. Breyer is a member of the European Parliament for the Deutsch Piraten Partei and one of the two leaders who opposed this approval. Gunnar Beck was the other Parliament member who voted against it, representing the Alternative for Germany (AfD) party.
Voting results of the EU Parliament’s lead committee for AML. Source: Piraten Partei
EU’s new AML: Cash and crypto payments made partially illegal
In particular, the new anti-money laundering law prohibits certain thresholds for cash payments and any anonymous crypto payment. On that note, any cash payment above €10,000 will become i
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