European Union - Anti-Money Laundering Directive - AMLD5 - Cryptocurrencies
The following four points where made by u/senatusSPQR in r/cryptocurrency
* The law requires all customers to be registered and non-verified transactions using cryptocurrency will have to stay under the value of €150.
* Non-verified online payments can be made up to an amont of €50 and the use of anonymous prepaid-cards is harshly restricted.
* Trading platforms can no longer allow anonymous transactions, as this is not compliant with AML5. They have to register every user and keep track of suspicious activities.
* For users from "high-risk"countries elaborate background checks may be needed to find out their financial intentions.
The below link lists the countries participating, those have have complied, partially complied, etc. Note that Switzerland is not a EEA member.
Here are a couple quotes from Perkins Coie in their paper "Anti-money Laundering Regulation of Privacy-Enabling Cryptocurrency" that u/fluffypony has referred to:
"The 5AMLD, which went into effect on January 10, 2020, brought certain cryptoasset products and services under
regulation and requires that providers of cryptoasset exchange services and custodian wallet providers (types of
VASPs) be registered.174 Additionally, the Cryptoassets Taskforce will consult on the prevention of anonymous layering
of funds that mask the funds’ origin and the functionality of peer-to-peer exchanges that enable anonymous transfers
between individuals.175 The 5AMLD requires certain cryptoasset businesses to submit SARs and perform KYC
processes in addition to obtaining addresses and identities of cryptoasset owners at the national level so that authorities
can identify account holders in a timely manner.176 Other measures include, in some cases, determining the source of
wealth and source of income for users of exchanges and custodial wallets."
"In July 2019, the FCA finalized its guidance on cryptoassets, wh...
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