Europe decides to abandon strict restrictions on cryptocurrency payments

Europe has decided to abandon strict restrictions on cryptocurrency payments for users of anonymous (non-custodial) crypto wallets, according to The Block. The publication refers to the text of the anti-money laundering bill agreed by MEPs, which is to be put to a vote on March 28.

The previous version of the European anti-money laundering bill stated that only transfers made from wallets controlled by EU-licensed crypto service providers could exceed the equivalent of € 1,000. The restrictions included crypto wallets whose passwords are stored only by the user.

This caused serious dissatisfaction among members of the European crypto community, so politicians decided to return to the original proposal to restrict crypto payments. According to the latest version of the bill, payments for goods and services from anonymous wallets will be limited to € 7,000. Transfers between individuals will be allowed to exceed this limit, except in cases of real estate and luxury goods, as well as when depositing funds to financial institutions.

Last week, the European Parliament passed a draft law on digital wallets, which aims to create a European digital wallet that could compete with the identification systems provided by major technology companies such as Google and Apple. European Digital Identity is intended to provide a legal framework for the creation of a system of national digital wallets interoperable across the EU, where citizens can access all documents, from birth certificates to driver’s licenses.