EU Agreement Reached on Anti-money Laundering Rules for Cryptocurrencies
Europe an institutions have reached an interim Consensus on a set of EU Regulations that will burden Crypto companies with the obligation to help prevent money laundering , among other illicit activities potentially involving digital assets. The progress comes as the Union seeks to comprehensively regulate the continent’s Crypto currency market. EU Officials and Lawmakers Agree on AML Measures in Crypto Space Negotiators representing the key participants in the EU’s decision-making process have reached an agreement on anti-money laundering (AML) rules that will 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 are yet to be finalized and approved by the relevant European institutions but the provisional deal signals an upcoming tightening for the sector. Crypto firms will have to assist f