EU Lawmakers to Vote on Blocking Anonymous Crypto Payments - YahooFinance - Coindesk

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Jack Schickler reports this story in YahooFinance originally published in coindesk.com that "members of the European Parliament are likely to vote to end the anonymity of even small crypto payments at a committee meeting to be held next week, documents seen by CoinDesk show.

Lawmakers at the Economic Affairs Committee are also poised to include crypto transfers to self-hosted or private wallets (also referred to as unhosted wallets) in anti-money laundering (AML) checks, and want to halt crypto transfers between the EU and jurisdictions like Turkey and Hong Kong.

Under existing laws, payees need to be identified for any bank transfer over EUR 1,000 ($1,099). The bloc’s national governments have already said they want to scrap that lower limit when extending the rules to crypto assets – on the basis that large transactions could just be broken up into smaller ones, a practice known as "smurfing."

That will in practice make it harder, or perhaps impossible, to make transfers from the EU to anywhere deemed by the bloc as a tax haven, such as the U.S. and U.K. Virgin Islands, Turkey, Russia or Hong Kong, or places like Iran and the Cayman Islands seen as dirty-money hotspots."

Source credit and full story - https://finance.yahoo.com/news/eu-lawmakers-vote-blocking-anonymous-183255581.html

Although the author mentions that "even the right-wing lawmakers who oppose the move to de-anonymize transactions appear to acknowledge they won’t win the vote."

In case it wins the vote becomes a law, what will be the effect of it for the crypto users in EU?

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