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EU to discuss AML laws for crypto

Friday 29 April 2022 11:51 CET | News

The European Union’s parliament, commission, and council have decided to meet on anti-money laundering rules for cryptocurrency transactions, according to benzinga.com.

 

This will be the last stage towards the passage into law of measures that many industry experts reportedly believe to be a privacy killer and stifle innovation. Once put into action, the legislation would require cryptocurrency providers to verify customer details and report any suspicious transactions to the authorities. The rules would also cover transactions from unhosted or self-hosted cryptocurrency wallets – addresses that are in the custody of private users. The law is being designed to bring cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin in line with AML requirements for normal payments of over EUR 1000, Benzinga reports.

This move came to surface after the European Parliament lawmakers backed applying harsh money-laundering rules to the industry, arguing the rules were needed to prevent crime as part of an EU anti-money laundering package, Benzinga concludes.


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Keywords: regulation, AML, cryptocurrency, Bitcoin, Ethereum
Categories: DeFi & Crypto & Web3
Companies:
Countries: Europe
This article is part of category

DeFi & Crypto & Web3