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An issue for Crypto in Europe. Anti Money Laundering and terrorist financing legislation was highlighted as an issue back in 2020 (https://lnkd.in/ehmiCXc4). Regulated for under European AML/ CFT rules that was meant to bring crypto under its remit.
The move reinforces AML rules,
‘The final proposals will mean customer identity needs to be verified for even the smallest crypto transfers, if its between two regulated digital wallet providers – but payments to unhosted private wallets will largely be left out of laundering checks to bring crypto’
‘Ernest Urtasun, a member of the European Greens party, who jointly led parliaments negotiations on the law, tweeted that the rules were putting an end to the wild west of unregulated crypto, closing major loopholes in the European anti-money laundering rules.
Urtasun confirmed that the final deal would mean that, for transactions between regulated wallets, customer identity details have to be recorded for even the smallest transaction. That makes crypto rules unlike those for the conventional banking sector, which only catch those worth over 1,000 euros.’
Raising concerns from the crypto industry, but reinforcing EU AML and terrorist financing rules for crypto exchanges. Moving the regulatory needle a little further around the dial for Crypto in the EU.
Dean Armstrong QC
#cryptocurrency #cryptoregulation #aml #terrorismfinancing
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