Anonymous Archives - Keno Wizard https://kenowizard.com/tag/anonymous/ The Ultimate Keno Destination for Odds, Tips & Tricks Thu, 28 Mar 2024 15:25:03 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://i0.wp.com/kenowizard.com/wp-content/uploads/2023/02/cropped-keno-wizard-icon.png?fit=32%2C32&ssl=1 Anonymous Archives - Keno Wizard https://kenowizard.com/tag/anonymous/ 32 32 230792155 European Union Prohibits All Anonymous Transactions https://kenowizard.com/2024/03/28/european-union-prohibits-all-anonymous-transactions/ https://kenowizard.com/2024/03/28/european-union-prohibits-all-anonymous-transactions/#respond Thu, 28 Mar 2024 15:25:03 +0000 https://kenowizard.com/2024/03/28/european-union-prohibits-all-anonymous-transactions/ The European Union works on preventing money laundering, and the most recent step was changing the laws related to the anonymity of crypto and cash transactions in order to avoid the grey zones that used to lead to suspicious transactions. New regulations Thanks to the new Anti-Money Laundering (AML) regulations, the limit on cash payments will [...]

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The European Union works on preventing money laundering, and the most recent step was changing the laws related to the anonymity of crypto and cash transactions in order to avoid the grey zones that used to lead to suspicious transactions.

New regulations

new_eu_legislation_prohibits_unidentified_cryptocurrency_transactions_Thanks to the new Anti-Money Laundering (AML) regulations, the limit on cash payments will be set at €10,000, and if the transactions are anonymous, the limit will be €3,000.

On top of that, the legislation will affect the growing cryptocurrency market. Unidentified crypto wallets won’t be allowed, including all wallets operated by providers that aren’t authorized, including mobile, desktop, or browser-based wallets.

The laws will be implemented three years after the official introductions. However, according to Dillon, a law company from Dublin, they will be implemented before the deadline.

However, not everybody agrees with these laws. One of the members of the European Parliament, Patrick Breyer, a member of the German Pirate Party, is worried about financial freedom. In order to establish total financial independence, people have to be able to make anonymous transactions, according to him. He stated that the new laws could have economic and social consequences for EU citizens.

It’s unknown if new laws will be helpful when it comes to preventing money laundering. While some people believe that it might be a great help in preventing the issue, others are concerned about losing financial freedom and privacy.

On top of that, the concern about unbanked individuals who use cash and other companies that generate a lot of money is present. Also, self-custody wallets are a matter of concern, since there might be an opportunity to use various technological bypasses, including decentralized exchanges and privacy-centric blockchains.

The new regulations might mean a lot of changes to the crypto market in Europe. It might prevent financial innovation and inclusion, and decrease the use of cryptocurrencies in the region.

The exceptions

However, there are a few exceptions when it comes to the new regulations. Among them are private transactions, which don’t have any limits, so the flow of small transactions and personal ones will remain unchanged.

Also, the Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA) will be in charge of overseeing the whole process and its duty will be to coordinate national bodies and communicate with the authorities from EU countries.

The EU agreed on these exceptions in order to ensure fair and considerate laws and regulations, while at the same time preventing the major issue.

Source: Hogg, Lea: New EU legislation prohibits unidentified cryptocurrency transactions”. March 27, 2024.

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