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European Union to Scrutinize Transactions Over €1,000 in Crypto

The European Union agreed that crypto transactions moving over €1,000 ($1,055) in value will face due diligence inquiries by the virtual asset service providers (VASPs) facilitating them.

Also, the European Union will subject VASPs to the same level of anti-money laundering and terrorism financing scrutiny that other financial institutions already face. These exchanges and custody providers will have to introduce risk mitigation elements when dealing with self-hosted wallets, and other specific measures directed to control cross-border payments using cryptocurrency.

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