EU enacts crypto regulations to combat money laundering

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The new legislation would impact crypto-asset service providers, like centralized crypto exchanges under MiCA.

The European Parliament approved new regulations that establish formal due diligence obligations for cryptocurrency companies with the goal of combating money laundering.

The new laws are aimed at improving “due diligence measures and identity checks” for customers, extending to entities such as crypto asset managers. These entities will also be required to report any suspicious activities to authorities.

This new legislation, approved on April 24, will impact crypto-asset service providers (CASPs), like centralized crypto exchanges under the Markets in Crypto-Assets (MiCA) regulation and various other entities, including gambling services.

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