EU committees grant approval for prohibition of anonymous cryptocurrency transactions using hosted wallets

A ban on cryptocurrency transactions made through hosted crypto wallets has been approved by a majority of the European Parliament’s lead committees. The ban is part of the European Union’s efforts to expand its Anti-Money Laundering (AML) and Counter-Terrorist Financing laws to cover the cryptocurrency market. The new AML legislation also includes limits for cash transactions and anonymous cryptocurrency payments. Cash payments over 3,000 euros will be banned in commercial transactions, and cash payments over 10,000 euros will be completely banned in business transactions. The legislation is expected to be fully operational within three years, but it may become fully operational earlier. Patrick Breyer, a member of the European Parliament, opposed the bill, citing concerns about economic independence and financial privacy. The crypto community has had mixed reactions to the new laws, with some seeing them as necessary and others fearing they may infringe on privacy and restrict economic activity.