The European Parliament has approved a new set of laws that introduce stricter due diligence and ID verification requirements for crypto asset managers, who must also report suspicious activities to the relevant authorities.
The legislation targets crypto-asset service providers (CASPs), which include centralized cryptocurrency exchanges and extends to other sectors like gambling services, football clubs, among others.
Passed on Thursday, this package also establishes a unified rulebook for the 27 EU member states and sets up an anti-money laundering authority based in Frankfurt. This new body will supervise the implementation of regulations, focusing on what the EU considers the “riskiest entities.”
The new rules ramp up the scrutiny with tougher due diligence and mandatory identity checks. Banks, asset managers, and both real and virtual estate agents now have to flag any sketchy activities to Financial Intelligence Units…
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