The European Union’s Economic and Monetary Affairs Committee and the Civil Liberties, Justice and Home Affairs Committee have removed the €1,000 limit for crypto payments from self-custodian wallets in their new anti-money laundering legislation.
This was part of the Anti-Money Laundering Regulation (AMLR), which was provisionally agreed by the European Council and Parliament in January.
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Amendments have been made to the original proposal, including the removal of the limit and the requirement for self-custody wallets to undergo identity checks when receiving funds.
However, firms must continue to conduct identity checks for customer transactions over €1,000 through crypto asset service providers (CASPs) in the EU.