Venga Says Europe To Revolutionize the Crypto Landscape with Bold New Regulatory Overhaul

Venga Says Europe To Revolutionize the Crypto Landscape with Bold New Regulatory Overhaul

Barcelona, Spain, June 18th, 2024, Chainwire


Cryptocurrency money laundering in Europe has been a growing concern for regulatory authorities over the past several years. Indeed, cryptocurrencies have quickly become an attractive tool for money launderers, partly because of their pseudonymous nature and lack of regulations. 

While the total cryptocurrency laundered worldwide has gone from $31,5B in 2022 to $22,2B in 2023, this issue remains a highly sensitive topic in Europe, which is prominent in the global flow of illicit cryptocurrency transactions.

In response to this alarming trend, the European Parliament has adopted the Anti-Money Laundering Package, alongside the Markets in Crypto-Assets (MiCA), which will significantly enhance transparency and security within the sector.

But according to Money Laundering Reporting Officer at Venga, Barbara Ippolito, Europe’s new bold cryptocurrency could potentially reshape the whole crypto landscape. 

The European Anti-Money Laundering Package adopted by the Council on May 30th and the Markets in Crypto-Assets (MiCA) regulations, are a game-changer for the cryptocurrency industry. These measures enhance transparency and security, aligning the sector with traditional finance and global AML standards”, Barbara, MLRO at Venga says. 

“Among the long-expected and discussed changes present in the regulation, what is particularly interesting for the crypto space is a more detailed treatment of obligations related to cryptocurrency.

By introducing rigorous due diligence requirements for Crypto-Asset Service Providers (CASPs) under MiCA, Europe is setting a new benchmark for regulatory clarity in the digital assets space. This framework not only aligns with the Financial Action Task Force’s (FATF) standards but also mandates transparency by eliminating anonymous accounts. 

Such steps are crucial for legitimizing the industry and boosting investor confidence, signaling a maturing sector ready to integrate with established financial systems.”

“While some fear these regulations could stifle innovation, the reality is that a structured and compliant environment can foster sustainable growth. By providing a clear regulatory framework, the European AML package ensures that businesses can innovate within a secure and predictable landscape, ultimately benefiting the broader financial ecosystem.

For crypto-asset businesses, adapting to these regulations will be key to thriving in Europe’s new financial landscape. Companies should invest in compliance and educational initiatives to understand and navigate these changes effectively. This will not only ensure adherence to the regulations but also position them as leaders in a rapidly evolving market.

As Europe pioneers these transformative regulations, the crypto sector stands on the brink of a significant evolution. By aligning with these standards, businesses can contribute to a safer, more inclusive digital economy. This regulatory clarity is not just a challenge but a golden opportunity for innovation and growth in the crypto space.

By embracing these changes, the cryptocurrency industry in Europe is poised to lead the way in building a resilient and trustworthy digital financial future."

Further information about Barbara and Venga can be found below in the notes to the editor. 


Leah Daly
[email protected]

Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

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