EU lawmakers vote to block anonymous crypto payments

The Economics Committee of the European Parliament will also reportedly seek to include crypto transfers to private wallets in AML audits, the report said.

Lawmakers in the European Parliament are set to vote on new legislation aimed at ending anonymous crypto payments, according to a report published by CoinDesk on Friday .

According to the publication, documents showed that the vote will take place in the coming week. This is expected to happen during a committee meeting of Parliament's Economic Affairs Committee, the report added.

Lawmakers will seek to ratify the removal of provisions allowing anonymity for cryptocurrency payments -- even if those payments are tiny and involve transfers to private or self-hosted wallets .

AML checks even for small transfers

According to CoinDesk , EU lawmakers will include crypto transactions in the category of transactions that must comply with anti-money laundering (AML) requirements.

The move to de-anonymize even small transfers follows what regulators across Europe have said about the ability of criminals to split illicit transactions into several smaller ones to avoid detection.

Apart from that, the EAC wants to block crypto transfers in and out of the EU bloc to countries like Turkey, Hong Kong and Russia or other tax havens.

Concerns about using crypto to circumvent sanctions have increased in recent weeks since the Russian invasion of Ukraine. Many experts in the sector, including US financial crime experts, have said that this is highly unlikely for oligarchs.

On Thursday, Russia said it would accept bitcoin for its energy resources.

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