EU Passes AML Bill: Next Steps for Crypto Providers

The European Parliament has passed new regulations requiring crypto firms to implement due diligence to combat money laundering.

These rules apply to crypto-asset service providers (CASPs), including exchanges and gambling services, and mandate reporting of suspicious activities.

Patrick Hansen from Circle clarified that the laws won’t ban anonymous wallets or self-custodial payments.

The regulations will apply to CASPs under the existing MiCA framework, with full enforcement expected by year-end. Hansen viewed the finalized regulations positively, highlighting a more flexible, risk-based approach thanks to industry input.

EU Financial Commissioner Mairead McGuinness emphasized the EU’s commitment to tackling illegal activities, and tightening anti-money laundering measures across its 27 member states.

From 2026, a new EU agency will supervise anti-money laundering efforts, subject to EU finance ministers’ approval. The regulations focus on non-custodial wallets, compelling service providers to verify users and monitor transactions more stringently.

Image Credit: Shutterstock

The post EU Passes AML Bill: Next Steps for Crypto Providers appeared first on .

---

EU Passes AML Bill: Next Steps for Crypto Providers

was first posted on April 24, 2024 at 11:22 pm.
©2023 "Kryptomoney". Use of this feed is for personal non-commercial use only. If you are not reading this article in your feed reader, then the site is guilty of copyright infringement. Please contact me at susanta@brishti.in