The EU will set a limit on cash payments and oblige to check buyers of cryptocurrency and luxury goods: details

The EU will strengthen financial monitoring, in particular when paying in cash and selling cryptocurrencies. Find out what will change and how they plan to track transactions
The European Union has adopted new measures to combat money laundering and terrorist financing. In particular, cash payments in EU countries will be limited to EUR 10,000. At the same time, persons making cash payments in the amount of EUR 3,000 to EUR 10,000 will be subject to mandatory identification and verification.
On 18 January, the EU Council and the European Parliament announced the finalisation of an agreement aimed at protecting the EU financial system and citizens from illegal financial transactions. The new package of rules is an important part of the EU's revamped financial crime system.
Verification of buyers of cryptocurrencies and luxury goods
Under the new requirements, companies providing cryptocurrency services and sellers of luxury goods are required to conduct due diligence on their customers. These entities include:
- Cryptocurrency services providers (CASPs), which now have to identify customers for transactions of €1,000 or more.
- Traders in precious metals, jewellery, cars, yachts and art.
These companies are required to collect and verify information about their customers and report suspicious transactions to the relevant authorities.
Don't want to miss important updates and useful articles? Subscribe to our weekly newsletter!
Extended control measures
The new agreement increases the requirements for financial institutions, real estate agencies, casinos and asset management services. They must apply comprehensive customer due diligence measures, especially in the case of cross-border transactions or work with large capital.
In addition, the EU Council and the European Parliament have provided for additional measures to:
- Control over transactions with autonomous crypto wallets.
- Enhanced due diligence of high-net-worth individuals.
Financial intelligence and monitoring
All EU countries have financial intelligence units (FIUs) responsible for collecting and analysing information related to money laundering and terrorist financing. Under the new rules, these units will have direct access to:
- Financial and administrative data.
- Tax information and vehicle registers.
- Customs data and information on frozen assets.
Financial intelligence units will be able to suspend or reject suspicious transactions for more detailed investigation. International cooperation between financial intelligence units of different EU countries will be strengthened.
Next steps
Next, the text of the agreement will be considered by representatives of EU member states in the Committee of Permanent Representatives and the European Parliament for final approval. Once approved, the document will be published in the Official Journal of the EU and will enter into force.
We remind you! Cryptocurrencies are becoming increasingly popular among international users. In most European countries, owners of virtual resources pay income tax, but this system is not unified. We told you all about taxation of transactions, risks and ways to avoid them.
Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.
Our recommendation for a safe and comfortable trip:
Visit Ukraine Insurance - insurance for a safe stay abroad without unnecessary expenses;
Green Card - compulsory car insurance for traveling abroad;
Visit Ukraine Tickets - book tickets for buses, trains, and airplanes to/from Ukraine and between cities around the world;
Private Lawyer service - professional legal support on visa and migration issues;
Visit Ukraine Merch - buy patriotic clothing and accessories with worldwide delivery.
© 2018-2025, Visit Ukraine. Use, copying or reprinting of materials on this site is permitted only with a link (hyperlink for online publications) to Visit Ukraine.
All rights reserved.
Recommended articles
1 min
Finance
When a sole proprietor is exempt from paying military duty: conditions and exceptions
Tax holidays, long-term illness, mobilization, and other good reasons for exemption from military duty. Find out under what conditions individual entrepreneurs (IEs) can be exempted from paying military duty
09 Jan. 2025
More details2 min
Finance
How to pay military and other fees from January 1, 2025: new rules and accounts
Since the beginning of the new year, new rules for the payment of fees for individual entrepreneurs and legal entities under the simplified taxation system havecome into force in Ukraine in accordance with Law of Ukraine No. 4113-IX. Learn more about how to avoid mistakes in payment and fulfill your obligations to the state in a timely manner
12 Jan. 2025
More details2 min
Finance
Investing in Ukraine offers prospects for foreigners, but requires knowledge of certain legal aspects. Learn more about the legislation, tax benefits, forms of investment and guarantees of investor protection in Ukraine
17 Jan. 2025
More details1 min
Finance
Receiving IDP benefits after returning from abroad is a concern for most IDPs. Find out more about the conditions for continuing payments for those who have already received assistance but left the country and other criteria
21 Jan. 2025
More details