According to the European Parliament, the European Union on Wednesday approved new regulations to eliminate anonymous cash transactions, capping physical currency payments at €10,000 (roughly PLN 43,000) starting in 2027.

The package will prohibit individuals and companies from paying more than €10,000 in cash in person.

Reports to national financial intelligence units and mandatory customer identity checks will be triggered for transactions involving €3,000 to €10,000.

In an effort to prevent money laundering and the funding of terrorism, the measures will also apply to digital assets: cryptocurrency exchanges and associated platforms will need to authenticate users for transactions worth more than €1,000 (roughly PLN 4,300).

The higher EU standards for crypto services now in place allow for possible abuse for illegal purposes. Poland now restricts company cash transfers to PLN 15,000, or around €3,500. However, private persons will also be subject to the new EU ceiling. There will be a transitional period for industries that depend significantly on money, like sports teams, with complete compliance expected by 2029.