In addition to the restrictions on anonymous crypto wallets, the EU draft also provides for an upper limit for cash transactions at retailers. EU Commission: Restrict cash transactions from 10,000 euros In the draft law, crypto transactions of 1,000 euros or more are notifiable.
In Germany, the federal government has been using the “Transparency Financial Information Act Money Laundering“(TraFinG Gw) is taking stronger action against anonymity in Krypo-Space. The EU Commission wants to reevaluate the regulation within five years, after which the evaluations will be continued every three years.
The draft envisages ratification “on the twentieth day after publication in the Official Journal of the EU”, with subsequent implementation within three years. There is not yet an exact date when the regulation will come into force.
The ban on providing and owning anonymous crypto asset wallets should further limit the ability to conduct anonymous transactions with crypto assets. The anonymity of crypto assets exposes them to the risk of being misused for criminal purposes.
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