Well, one more step in the EU Big Brother. In a way it is to be expected. Besides the rules not only target crypto but cash transactions, which is not surprising either:
Firms under the scope of the new rules will have to identify and verify people who carry out occasional transactions in cash between 3,000 and 10,000 euros.
And I believe that they have not imposed lower limits on this because Germany, which is the country that has the greatest weight in economic matters, is a country where a lot of cash is still used.
So they will create new institutions that could intervene whenever a suspicious transaction has been made, but the response from the country where it takes place is slow, they could forcibly take over the checking process. How could they monitor the transactions though? Do EU countries share transaction data in real time? Or anytime a transaction worth more than 1k Euro is being made, every member will get notified?
It is not clear to me but public administrations are not usually characterized by their speed. I suppose that if this is approved, at least at the beginning things will work in a slow way.