EU Parliament Adopts Anti-Money Laundering Rules Package, Also Policing Crypto
The new laws set up “enhanced” due diligence and customer checks for crypto firms.
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The new laws set up “enhanced” due diligence and customer checks for crypto firms.
Maximum Extractable Value (MEV), in which crypto miners reorder transactions they validate for profit, is not inherently bad, some policy experts point out.
The European Securities and Markets Authority on Monday published a final report on measures along with its third consultation package for further rules and guidance.
The broad package sets up an anti-money laundering authority, a single rulebook for all 27 member states, and tough rules for crypto service providers.
The draft Regulatory Technical Standards (RTS) lay out requirements for issuers when dealing with complaints about stablecoins referencing multiple currencies.
The Anti-Money Laundering Authority is part of a broader effort by the European Union to combat illicit fund flows, and is ready to begin work as early as Friday, officials said Thursday.
An informal document shared among EU officials shows digital finance, and thereby crypto, topping a list of priorities to be discussed.
The EU’s comprehensive crypto guidance does not introduce entirely new regulations for fiat backed stablecoins, former central banker Jón Egilsson writes. Instead it affirms existing rules that many current issuers are not yet following.
Customer due diligence requirements for crypto firms may be more stringent than for banks, policy watchers told CoinDesk.
Crypto firms have to do checks on transactions of 1000 euro or more, and the framework adds measures to mitigate risks in transfers with self-hosted wallets.