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CDS Crypto News EU Provisional Agreement: Cryptocurrency Sector Will Now Be Subject to Tougher AML Regulations

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EU Provisional Agreement: Cryptocurrency Sector Will Now Be Subject to Tougher AML Regulations

Only one day after the EU banking authority expanded AML guidelines for cryptocurrency firms, the most recent EU provisional agreement was announced.

lectertodd18/01/20241 Mins read416

Eu Provisional Agreement: Cryptocurrency Sector Will Now Be Subject To Tougher Aml Regulations

Crypto News – Provisionally, the European Council and Parliament have decided to include the cryptocurrency market in the EU’s Anti-Money Laundering (AML) and Counter-Terrorism Financing laws.

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EU Provisional Agreement: Cryptocurrency Sector Will Now Be Subject to Tougher AML Regulations

The majority of the crypto market will be involved in the deal. This means that businesses that offer cryptocurrency services have to verify and examine the information provided by their clients. In addition, they must report any suspicious activity.

The new agreement requires these companies to verify any transaction with a value of at least €1,000 ($1,090). Steps to lessen the hazards associated with self-hosted wallets are also included in the temporary law.

EU Wants Strong Measures Against Money Laundering

The Markets in Crypto-Assets Regulation (MiCA), a series of legislative recommendations that was originally put forth on July 20, 2021, included the new provisional AML rule. The MiCA will regulate cryptocurrency markets throughout all EU member states. It seeks to bolster EU efforts to combat money laundering and the funding of terrorism. The new temporary law must first be formally approved by the European Parliament and each of the member states in order for it to take effect.

Sources:cointelegraph

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Lectertodd is 28 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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