The European Parliament is currently discussing proposed amendments to the EU’s anti-money laundering legislation. These amendments, if passed, would impose limitations on the lump sum of anonymous transactions.
However, according to Damien Carême, MEP and one of the initiators of the bill, these amendments would not completely block cryptocurrency transactions.
Instead, the proposed amendments would introduce one-time transaction limits of 1,000 euros (roughly $1,080) for anonymous payments.
Carême clarified that the updated EU law on money laundering would apply to all cryptocurrency transactions, including those involving payment for goods and services in the metaverse.
Carême emphasized the importance of preventing the flow of dirty money into other areas of cryptoeconomics, which is prohibited by banking legislation.
It is crucial to ensure that cryptocurrency transactions are not being used to launder money or facilitate other illegal activities.
Moreover, the Council of the European Union has agreed on an amendment to the data law, which requires smart contracts to have the capability of forced termination.
This approach will enable legislators to manage data and events, much like controlling software for home appliances in the Internet of Things (IoT)