EU tentatively agrees to stricter due diligence rules for cryptocurrency companies.

The European Council and Parliament have reached a tentative agreement on part of a new anti-money laundering package that would impose stricter rules on cryptocurrency companies. in name Announced on Thursday, the group of policymakers said the new rules would apply to “the majority of the cryptocurrency sector” and would require cryptocurrency companies to conduct due diligence on their customers.

Under the tentative agreement, cryptocurrency companies must conduct due diligence if their customers want to process transactions worth at least €1,000 ($1,090). It has also added measures to mitigate risks associated with transactions using self-hosted wallets, the statement said.

The deal must be submitted to the European Parliament for approval. “If approved, the Council and Parliament will have to formally adopt it before it can be published in the Official EU Journal and enter into force,” the statement added.

On Tuesday, the European Banking Authority also extended Guidance on money laundering and terrorist financing risks for the cryptocurrency sector.

Belgian Finance Minister Vincent Van Peteghem said in a statement today that the interim agreement is part of the EU’s new AML system. “This will leave no room for fraudsters, organized crime and terrorists to legitimate their proceeds through the financial system.”

Last year, the European Union officially Crypto Asset Market (MiCA) passed Through regulation, the scope and definition of cryptocurrency regulation is presented more clearly.

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