Cryptocurrency transactions over 1000 euros in EU member states will be subject to VASP due diligence

2022-12-10 21:24:51

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ChainCatcher news, the European Union has recently issued a series of new directives, which stipulate that if the cash payment limit for member states exceeds €10,000, cryptocurrency transaction amounts exceeding €1,000 (approximately $1,055) will face due diligence from virtual asset service providers (VASP).

In addition, the EU has announced that it will conduct anti-money laundering and counter-terrorism financing reviews of virtual asset service providers, which aligns with the level of scrutiny faced by other traditional financial institutions. Relevant cryptocurrency trading platforms and custodial service providers must introduce risk mitigation factors when dealing with self-custody wallets, as well as implement specific measures to control the use of cryptocurrencies for cross-border payments. (Bitcoin com)

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