European Parliament Will Force Crypto Companies to Comply with AML Requirements
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March 29, 2023

The European Parliament's Economic Affairs and Home Affairs Committees have just approved the text of a bill expanding AML requirements for DAO, NFT and DeFi platforms, similar to TradFi.

The provisions of the document will reportedly apply to cryptocurrency companies if they are "controlled directly or indirectly, including through smart contracts or voting protocols, by identifiable natural and legal persons."

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Damien Careme, member of the Green Party, has explained:

"These categories will be obliged to conduct due diligence checks on all their customers and report suspicious transactions to the authorities, in the same way banks, financial institutions or real estate agents, for example, currently do."

The bill must pass a plenary vote in parliament before moving on to the next stage of agreement between the legislature, the European Council and the European Commission.

The procedure is supposed to be mandatory for transactions over 1,000 euros.

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