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Following the constant popularity of cryptocurrencies, dozens of nations have already constituted their rules to regulate digital assets. The European Union has developed a set of regulations that will help to govern cryptocurrencies.
Following the introduction of new anti-money laundering (AML) laws, the European Union (EU) is leading the fight against money laundering. The EU Parliament’s leading commission enacted a regulation that targets cryptocurrency and cash transactions.
Cash usage is restricted under the new rules. Any cash transaction above €3,000 will not be permitted, and any cash payment exceeding €10,000 will be limited. It’s also forbidden to use anonymous wallets to make Bitcoin payments.
Payments with cryptocurrencies are arguably the most controversial part of the new AML package. The new legislation will prohibit any cryptocurrency payments conducted with anonymous self-custody wallets.
It applies to any digital wallet not run by a licensed provider, whether browser-based, desktop, or mobile.
Within three years of its formal going into effect, these new AML legislation will be enforced. Dillon Eustace, a Dublin legal practice, believes these regulations will fully function well before the usual enforcement timeframe.
Other News
Earlier this week, Coinbase, a top cryptocurrency exchange, and BlackRock, the world’s most extensive asset manager, have allied to launch BUIDL. It is a blockchain-based fund that aims to offer a new feature of earning U.S. dollar yield by blending blockchain and traditional finance sectors.
In a report, Bloomberg stated that Lemon Cash, an Argentinan cryptocurrency exchange, has sold Bitcoins to over 35,000 customers in the past week. It is crucial to note that El Salvador has legalized Bitcoin by introducing a Bitcoin Law.
Grayscale bitcoin exchange-traded fund (ETF) is known globally for its dominance in the ETF category. For the past few days, a severe outflow of funds has been seen in the GBTC ecosystem.
Market Price Update
The crypto market capitalization surged more than 2.40% in the past 24 hours; it was $2.47 Trillion when writing. Earlier this week, the market capitalization was flourishing at its verge and was on the brink of breaking the $3 Trillion milestone.
Bitcoin (BTC) has added 2.04% to its trading price intraday; when writing, it was trading at $64,619, with a decline of 14% in its trading volume.
Ethereum, the second most prominent crypto in the market, grew 1.00% in the past 24 hours, with a decline of 8.20% in its trading volume. Analysts claim that the investigation on the Ethereum foundation is the cause of the decline. The ETH ETFs are yet to be approved. Ether spot ETF might get a regulatory green signal in May 2024.
Toncoin and Bitcoin Cash are competing for the topper position of the intraday gainer’s list; Gala price grew 15.26%, Worldcoin 11.58%, Dogecoin 10.83%, and Floki 9.35%.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
