EU Agreement Reached on Anti-money Laundering Rules for Cryptocurrencies – Regulation Bitcoin News

EU Agreement Reached on Anti-money Laundering Rules for Cryptocurrencies – Regulation Bitcoin News

European institutions have reached an interim consensus on a set of EU regulations that would make crypto companies obligated to help prevent money laundering, as well as other illegal activities that could involve digital assets. Progress comes as the EU seeks to comprehensively regulate the continent’s cryptocurrency markets.

EU officials and lawmakers agree on anti-money laundering measures in crypto

Negotiators representing key players in the EU decision-making process have agreed on anti-money laundering (AML) rules that would require businesses in the crypto industry to verify the identities of their customers and report suspicious transactions. In the future, Europe’s Transfer of Funds Regulation (ToFR) will also cover cryptocurrency transactions.

The regulations have yet to be finalized and approved by the relevant European agencies, but the tentative agreement signals an imminent tightening in the industry. Crypto firms will have to assist financial authorities in their fight against dirty money, the European Parliament and the Council of the European Union said on Wednesday.

Improved oversight should ensure that crypto assets can be tracked like traditional remittances, Reuters reported, referring to an official statement issued. Ernest Urtasun, a Spanish Green Party MP involved in the process, was quoted by the news agency as saying:


The new rules will enable law enforcement officers to link certain transfers to criminal activity and identify the real people behind those transactions.

The EU agency further noted that the rules would also cover “non-custodial” crypto wallets, a term used by European officials to designate privately held wallets that are not managed by permissioned platforms. This will apply to transactions with crypto service providers with a fiat value over €1,000 (~$1,040).

These proposals have not been met with enthusiasm by the crypto industry. In a mid-April letter to the finance ministers of the EU’s 27 member states, businesses operating in crypto assets urged European policymakers to ensure that their regulation does not go beyond the standards adopted by the global Financial Action Task Force (FATF) on money laundering. ).

On Thursday, the EU also sought agreement on a broad framework aimed at regulating cryptocurrency-related activity across the bloc. Members of the European Parliament and representatives of EU countries need to adjust their positions on a new legislative proposal for the market for crypto assets (MiCA), which is expected to enter into force by the end of next year. Thereafter, crypto companies will have 18 months to obtain a MiCA license to operate in the EU.

tags in this story

Protocols, Anti-Money Laundering, Consensus, Crypto, Crypto Assets, Crypto Regulations, Cryptocurrencies, Cryptocurrencies, EU, EU Council, Europe, Europe, European Parliament, EU, MiCA, MiCA. ToFR, money laundering, regulations, rules, ToFR

What impact do you think the upcoming EU regulations will have on the crypto industry? Share your opinion in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Alexandros Michailidis

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