CryptoMagician
Sat Jun 08 2024
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5 answers
1298
What is the 1000 euro rule?｜. Cross-border cryptoasset firms must make additional checks. Traders of luxury goods, precious metals, jewellers and goldsmiths will also have to make checks on customers.Cryptoasset service providers must make checks on customers who carry out transactions worth 1,000 euros or more and report suspicious activity
Could you please explain what exactly the "1000 euro rule" entails? It seems that cross-border cryptoasset firms are required to conduct additional checks. Additionally, those involved in the trading of luxury items, precious metals, jewelry, and goldsmithing also need to conduct customer checks. Do cryptoasset service providers have to conduct checks on any customers engaging in transactions worth 1,000 euros or more? And what sort of suspicious activities should they be reporting?
