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 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.

The post European Union Prohibits All Anonymous Transactions appeared first on Keno Wizard.

The newly formed Gambling Regulatory Authority (GRA) has announced a complete ban on the use of cryptocurrencies in land-based casinos, reported Inside Asian Gaming. 

Regulator Aims to Prevent Cryptocurrency Usage in Singaporean Casinos

Albert Yeo, GRA’s General Counsel, stated that casinos have no appetite for the volatile revenue stream associated with cryptocurrencies. The agency aims to prevent digital currencies from even entering the casinos, as allowing their use could prove difficult to stop once it began. Yeo added that the agency is examining legislative frameworks to prevent their use in casinos.

Yeo revealed that the agency is currently engaging with game developers to understand the implications of blockchain-based games like Axie Infinity, where players can trade NFTs and earn Rare Antiquities Tokens. The regulator is grappling with whether this currency constitutes money, money equivalent, or anything of value. If players earn cryptocurrency in the game, they can easily take it out and put it on exchanges.

Singapore’s broader reluctance to regulate the trading or use of cryptocurrencies extends to a ban on advertising by crypto exchanges. The Monetary Authority of Singapore, in a statement issued last November, emphasized the risks of dealing in cryptocurrencies, stating that crypto exchanges can and do fail and cryptocurrencies themselves are highly volatile, with many losing all value.

GRA Takes Holistic and Agile Approach to Regulate Singapore’s Gambling Landscape

The Gambling Regulatory Authority (GRA), established in August 2022 to oversee the entire gambling landscape in Singapore, is designed to keep pace with technological and gambling trends. Its attention is primarily focused on the use of crypto in online gaming, as tracking blockchain transactions poses a significant challenge for regulators.

The GRA replaced the Casino Regulatory Authority (CRA) and is overseeing all forms of gambling in the country, including new products that use technology to blur the line between gaming and gambling. 

The GRA was established through the Gambling Regulatory Authority of Singapore Act and the Gambling Control Act, both of which were passed in March 2022 and came into force on August 1 of the same year. 

The Ministry of Home Affairs reviewed and updated the Casino Control Act to reflect the changes in the industry, and the GRA refreshed the licensing regime to issue more licenses for higher and lower-risk gambling activities. The new regulator has pursued the goal to take a holistic and agile approach to keep up with the pace of change in the gambling industry.

The post Singapore Regulator Prohibits Cryptocurrency Usage in Physical Casino appeared first on Keno Wizard.