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Anonymous crypto payments ban Europe EU

EU Parliament Outlaws Anonymous Crypto Payments: Details

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The majority of the EU Parliament’s lead committees approved a new legislative move to ban anonymous crypto payments has ignited a firestorm of debate, marking a pivotal moment in the regulation of digital currencies within the bloc. This comprehensive package of anti-money laundering measures, extending beyond cryptocurrencies to include significant restrictions on cash transactions, represents one of the most assertive regulatory efforts seen in the global financial landscape.

The Legislative Framework

Under the new legislation, anonymous cash payments in commercial transactions are limited to amounts under €3,000, with a complete prohibition on cash transactions exceeding €10,000 in business contexts. The legislation casts a wide net over digital financial transactions as well, specifically targeting anonymity in crypto payments.

Any transaction involving cryptocurrencies to wallets managed by service providers, known as “hosted wallets,” is now required to be fully traceable, eliminating anonymity for even the smallest transactions.

The EU’s legislative bodies assert that these measures are critical in the fight against money laundering, financing of terrorism, and tax evasion. However, the sweeping nature of these laws has raised serious concerns about privacy rights and the fundamental freedoms of EU citizens.

MEP Dr. Patrick Breyer of the Pirate Party, a staunch critic of the legislation, has termed the EU’s approach as “financial paternalism.” In a detailed blog post, Breyer vehemently opposes the outright ban on anonymous payments, arguing it does little to curb crime while significantly infringing on personal liberties.

EU Committee approves:
🚫Prohibition of cash payments over €10,000
🆔Prohibition of anonymous cash payments over €3,000
₿ Prohibition of anonymous crypto payments to hosted wallets without any threshold

This means war on cash and gradual erosion of our financial freedom!… pic.twitter.com/gwznD4QZop

— Patrick Breyer #JoinMastodon (@echo_pbreyer) March 21, 2024

He asserts, “Generally prohibiting anonymous payments would at best have minimal effects on crime, but it would deprive innocent citizens of their financial freedom.” Breyer’s comments underscore a broader concern among critics that the legislation could disproportionately affect ordinary citizens under the guise of combating illegal activities.

Related Reading: Why Now? Crypto Lawyer Uncovers Reasons For Ethereum Probe By SEC

Highlighting the importance of anonymity for political and social activism, Breyer points out, “The medicines or sex toys I buy is nobody’s business. To collect donations, dissidents such as the late Alexei Navalny and his wife are increasingly reliant on anonymous donations in virtual currencies worldwide.”

This perspective sheds light on the potential repercussions for privacy and freedom of expression, emphasizing the need for a balanced approach to regulation.

Crypto Community’s Reaction

The crypto sector, known for its emphasis on privacy and decentralization, has responded critically to the EU’s regulatory measures. Daniel “Loddi” Tröster, host of the Sound Money Bitcoin Podcast, highlighted the practical challenges and implications of the new laws, particularly focusing on the KYC requirements for transactions to hosted wallets.

“As KYC is required when opening accounts on the crypto exchange anyway, there are no major changes here for the time being (for most providers). However, there are restrictions in other areas. Hosted wallets are likely to include the following: Alby, blink, Wallet of Satoshi…,” he remarked.

Related Reading: UN Reveals: 50% Of North Korea’s Foreign Earnings From Crypto Attacks And Cyber Heists

These wallets have no KYC thus far. For example, the users of Wallet of Satoshi, have not yet gone through a KYC process. In future, the transfer of Sathois to this wallet would therefore require a KYC process.

Tröster further elaborates on the impact on donations and the broader implications for cryptocurrency use within the EU. “What initially gives me a lot more ‘stomach ache’ are donations. Anyone who wants to donate anonymously can no longer do so with the new regulations,” he states, articulating concerns over the stifling effect these rules might have.

Notably, self-custody to self-custody transactions are not affected by the new law. “It may have been understood that no prevention/regulation is possible here,” Tröster stated.

Enforcement Challenges

Skeptics of the legislation question its effectiveness and enforceability, given the inherently decentralized and borderless nature of crypto. They argue that the global internet infrastructure and the technical capabilities of digital currencies to facilitate direct peer-to-peer transactions without intermediaries could significantly hinder the EU’s regulatory efforts.

“Virtual Assets can technically be transferred directly from one person to another without using intermediaries, which makes them impossible to regulate,” Dr. Breyer highlights, challenging the practicality of the EU’s approach.

Moreover, the criticism extends to the potential overreach of the EU in attempting to regulate a global phenomenon through regional legislation. The inherent flexibility and global reach of cryptocurrencies suggest that users may find ways to circumvent these regulations, raising questions about the ultimate effectiveness of the EU’s measures.

At press time, Bitcoin traded at $65,957.

Bitcoin price
BTC price, 4-hour chart | Source: BTCUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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