A majority of the European Parliament’s lead committees have approved a ban on cryptocurrency transactions of any value made through hosted crypto wallets. This comes amid the European Council and parliament provisionally agreeing to expand parts of the European Union’s Anti-Money Laundering (AML) and Counter-Terrorist Financing laws to cover the cryptocurrency market.

According to an X post by Patrick Breyer, a member of the European Parliament for the Piratenpartei Deutschland (Pirate Party of Germany), a “majority of the EU Parliament’s lead committees” approved the new AML laws on March 19.

Breyer is one of only two members who voted against the ban on anonymous crypto payments. Gunnar Beck of Alternative für Deutschland (Alternative for Germany) also voted against the ban. The ban applies specifically to hosted or custodial crypto wallets offered by third-party service providers, such as centralized exchanges.

The new AML legislation applies certain limits for cash transactions and anonymous cryptocurrency payments. Under the new rules, anonymous cash payments over 3,000 euros will be banned in commercial transactions, and cash payments over 10,000 euros will be completely banned in business transactions.

The new legislation is expected to be fully operational within three years from its entry into force. However, Dillon Eustace, an Ireland-based law firm, expects the legislation to become fully operational earlier.

Get to know Godleak

Godleak crypto signal is a  service which provide profitable crypto and forex signals. Godleak tried to provide you signals of best crypto channels in the world.

It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.

Godleak crypto leak service have multiple advantages in comparision with other services:

•  Providing signal of +160 best crypto vip channels in the world
• Using high tech bot to forward signals
• Without even a second of delay
• Joining in +160 separated channels on telegram
• 1 month, 3 months , 6 months and yearly plans
• Also we have trial to test our services before you pay for anything

For joining Godleak and get more information about us only need to follow godleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features

Join for Free

☟☟☟☟☟

https://t.me/Godleakbot

Also you can check the list of available vip signal channels in the bot. by pressing Channels button.

Many cryptocurrency networks function within permissionless environments, allowing anyone to create a cryptographic private key and granting unrestricted, anonymous entry into the system — a fundamental principle of crypto.

In a press release after the lead committees approved the legislation, Breyer outlined why he opposed the bill, saying it compromises economic independence and financial privacy. He said he considers the ability to transact anonymously a fundamental right.

The crypto community has had a mixed response to the EU’s regulatory measures. Some believe the new AML laws are necessary, while others fear they may infringe on privacy and restrict economic activity.

Daniel “Loddi” Tröster, host of the Sound Money Bitcoin Podcast, underscored the practical hurdles and consequences of the recent legislation. He outlined the impact on donations and the broader implications for cryptocurrency use within the EU and expressed concerns over the stifling effect the rules could have.