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EU to impose €10,000 cash limit and ban privacy coins at regulated crypto firms

EU to impose €10,000 cash limit and ban privacy coins at regulated crypto firms

Regulation (EU) 2024/1624, due to apply from July 10, 2027, caps business cash payments, tightens KYC for supervised crypto providers above €1,000, and leaves direct transfers between private wallets outside mandatory identification rules.

Fact Check
The official EUR-Lex summary of Regulation (EU) 2024/1624 directly confirms the €10,000 cash payment cap for goods and services, the prohibition of anonymous accounts including crypto-asset accounts, and the 10 July 2027 application date. The full regulation text and EBA/AMLA documents confirm the €1,000 threshold for crypto/occasional transaction due diligence. The privacy-coin handling ban is reported by cryptobriefing and aligns with the regulation's broad anonymous-instruments prohibitions. Minor framing details (privacy-coin specifics) come from secondary reporting rather than the official summary, but the core claims are fully corroborated by primary EU sources.
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Summary

The European Union has approved revised anti-money laundering rules under Regulation (EU) 2024/1624 that are due to apply from July 10, 2027, combining a €10,000 ceiling on business cash payments with tighter compliance requirements for crypto-asset service providers. Cash transactions of €3,000 or more will require identity checks and due diligence, while supervised crypto providers must apply stricter know-your-customer checks to transactions above €1,000. The framework also bans anonymous accounts and prohibits regulated crypto firms from supporting privacy coins, while direct transfers between private, self-custodied wallets remain outside mandatory identification requirements.

Terms & Concepts
  • KYC: Know-your-customer checks used to verify client identity and assess risk.
  • privacy coins: Crypto assets designed to obscure transaction details and make transfers harder to trace.
  • crypto-asset service providers: Regulated firms that offer services such as trading, custody or transfers for digital assets.