The European Union has approved draft legislation that will cap anonymous cryptocurrency transfers at 1,000 euros ($1,083 USD).

The goal is to stop crypto money laundering and terrorist financing activities in the EU.

The EU Parliament released a statement this week that says the imposed limit will apply to any crypto asset transfer where the customer’s identity can not be verified. Additionally, cash transactions will face a cap of 7,000 euros ($7,585 USD).

The legislation, known as the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) package, heads to a plenary session next month for confirmation. After that, the legislation will enter negotiations to finalize details.