The European Parliament adopted a new AML law package increasing reporting requirements for crypto asset service providers regarding 'anonymous' payments and setting limits on cash transactions, alongside the establishment of a 'central watchdog' agency.
EU CASPs must enforce customer due diligence on transactions below 1000 EUR from self-custodial wallets and implement enhanced KYC measures for transactions above 1000 EUR. No-KYC custodial software providers are regulated, privacy coins usage is restricted.
The resolution emphasizes the money laundering and terrorist financing risks associated with anonymity in electronic money products and crypto-assets, leading to regulatory measures targeting such anonymity. Efforts align with recommendations from the Financial Action Task Force for AML/CFT compliance.
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