EU Approves Anti-money Laundering Bill
Main page News, European Union, Cryptocurrency
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25 April

The European Parliament yesterday approved a new set of laws that will formally oblige crypto companies to comply with due diligence requirements as a measure to combat money laundering.

As part of the new legislation, crypto asset service providers (CASPs), such as centralized exchanges, will also have to report any suspicious transactions to the authorities.

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Circle's director of EU strategy and policy, Patrick Hansen, has said that the bill must now be adopted by the EU Council before it enters into force in three years' time.

Hansen has also clarified there were no plans to ban anonymous crypto wallets or self-custodial payments, and that the new laws will only apply to CASPs that are already regulated by the Markets in Cryptoassets Regulation (MiCA).

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