March 29, 2024

Damien Karem: Amendments to EU law on money laundering do not imply a ban on crypto payments

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Damien Karem: Amendments to EU law on money laundering do not imply a ban on crypto payments

Amendments to EU anti-money laundering legislation, which are currently being discussed by the European Parliament, introduce restrictions on the lump sum amount of anonymous transactions.

Member of the European Parliament and one of the initiatorsof the bill, Damien Carême told reporters that the proposed amendments do not imply a complete blocking of cryptocurrency transactions. Limits on the amount of a one-time transaction of 1,000 euros (about $1,080) are introduced for anonymous payments.

“We absolutely do not prevent cryptocurrency transactions, but we limit their volume in cases where user identification is impossible,” said Damien Carême.

Karem explained to reporters that the provisionsThe updated EU money laundering law will affect the entire range of cryptocurrency transactions, including payments for goods and services in the metaverses. According to the MEP, it is extremely important to prevent “the flow of dirty money prohibited by banking legislation into other areas of the crypto-economy.”

Previously, the Council of the European Union agreed
amendment to the data law, according to whichsmart contracts must provide for the possibility of forced termination. Thus, legislators intend to provide the ability to manage data and events, similar to the control over software for Internet of Things (IoT) household appliances.