An article by the European Parliament on anti-money laundering rules for commercial crypto payments has caused a stir in the European digital asset industry.
Policymakers hope the loophole of untraceable transactions can be closed by banning payments above a 1,000-euro ($1,070) threshold from unregulated crypto payment service providers operating in the European Union.
However, the industry is concerned that this addition could deviate from the regulatory path already outlined in the final bill, such as the impending regulation of crypto asset markets and money transfers or impede innovation in the decentralized finance space. The legislation is currently being negotiated and is subject to change.