EU Sets Stricter Anti-Money Laundering Rules for Crypto Firms

By: Eva Baxter

The European Union has provisionally agreed on more stringent anti-money laundering (AML) regulations for cryptocurrency firms. In line with the new measures, these firms are mandated to perform due diligence checks for transaction amounts exceeding 1,000 Euros.

The new framework also introduces additional measures to reduce risk associated with transfers involving self-hosted wallets. These rules aim to combat money laundering and increase transparency in cryptocurrency transactions within the EU region.

While the crypto industry plays a significant role in the digital economy, ensuring that it abides by strong financial conduct standards becomes crucial in establishing a safe and reliable digital marketplace.