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In a concerted effort to regulate the cryptocurrency sector and fortify investor protection, the European Union is escalating its initiatives and adopting a more stringent approach towards digital assets.
Intending to establish a transparent regulatory framework and curb activities such as money laundering and terror financing, EU lawmakers have unveiled a groundbreaking proposal to redefine the dynamics of cryptocurrency interaction and transactions across the continent.
Provisional Agreement Targets Money Laundering and Terror Financing
On Wednesday, January 17, the European Council and Parliament achieved a pivotal provisional agreement, signaling a transformative move for the crypto industry in the region. The deal focuses on enforcing stricter regulations for cryptocurrency firms, specifically targeting money laundering and terror financing within the continent.
A statement released on Thursday says that the proposed rules are designed to encompass "most of the crypto sector," compelling all cryptocurrency firms to enhance their due diligence practices concerning customer interactions.
According to Crypto News, crypto firms must apply rigorous due diligence procedures when customers intend to carry out transactions amounting to at least €1,000 or approximately $1,090. The policymakers' statement underscores that the deal introduces measures to mitigate risks associated with transactions involving self-hosted wallets.
Greater Crypto Adoption for All
While the fate of the European policymakers' crypto deal awaits presentation to the European Parliament for approval, its potential impact on the industry looms large. The statement notes that if approved, the Council and Parliament would need to formally adopt the texts before their publication in the EU's Official Journal, marking the official commencement of their implementation.
According to Daily Coin, Belgian Minister of Finance Vincent Van Peteghem highlighted in Thursday's statement that the provisional agreement aligns with the EU's new Anti-Money Laundering (AML) system.
He emphasized, "This will ensure that fraudsters, organized crime, and terrorists will have no space left for legitimizing their proceeds through the financial system." The proposed measures reflect a pivotal step forward in reinforcing the integrity of the cryptocurrency landscape within the European Union.
Photo: Eddie Junior/Unsplash
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