Post
Topic
Board Bitcoin Discussion
Merits 5 from 2 users
Re: Goodbye, privacy, goodbye, it was nice while it lasted.
by
d5000
on 04/04/2022, 18:06:38 UTC
⭐ Merited by o_e_l_e_o (4) ,JayJuanGee (1)
Looks like you are partly right. On closer examination though, it isn't that individual transactions can't be over 1000 EUR, but rather if that person has received over 1000 EUR across all transactions. This gives you a deposit limit of slightly over 0.02 BTC at current prices before you are automatically reported to the authorities.
The imprecise way the passage is formulated, it could be interpreted this way (which is problematic). However, from the other parts of the proposal I read, the "1000 € limit" seems to apply to 1) single transactions and 2) transactions which seem to have been splitted to evade the limit, like it is already common when judging if such a limit was evaded with bank transfers.

There is also section 33a of the "whereas" section (don't know how these sections are called in English):

Quote
In the case of a transfer of crypto-assets from an unhosted wallet, the provider of crypto-asset transfers of the beneficiary should collect the information required under this Regulation and inform the competent authorities where any of its customers received an amount exceeding EUR 1 000 from unhosted wallets.
(Source: Current draft)

The "a transfer" I highlighted is an indication for me that they're indeed talking about a single transfer.

However, the whole part is so imprecisely formulated (it looks like a last minute addition) that if left unchanged it will be probably up to the courts to decide what was meant, and it's possible that some of them would prefer the interpretation you made - that all transfers from unhosted wallets are accumulated (regardless of the moment they were sent) and it must be reported even when there is a single 1 €-transaction which exceeds this limit.