EU Implements Stricter Anti-Money Laundering Rules For Crypto Industry

Crypto Asset Service Providers (CASP) in Europe would have to implement stringent Know Your Customer (KYC) procedures to combat money laundering following the European Parliament greenlight of new Anti-Money Laundering Regulations (AMLR), according to an April 24 statement.

The European Parliament has approved new anti-money laundering regulations that establish formal due diligence obligations for crypto-asset service providers, marking a significant step towards creating a more secure and compliant crypto ecosystem

Crypto-asset service providers (CASPs) will now be monitored by the government according to new laws passed by the European Parliament. Approved on April 24, the new law aims to improve “due diligence measures and identity checks” for consumers.

The new legislation would impact crypto-asset service providers (CASPs), like centralized crypto exchanges under MiCA (Markets in Crypto-Assets Regulation).

The European Parliament adopted new rules that would formally put in place due diligence requirements for crypto firms.