EU Lawmakers Agree on New Crypto Measures to Combat Money Laundering

European Union lawmakers have agreed on new crypto measures. Crypto companies must carry out additional checks on transactions above 1,000 euros. The aim of the new rules is to combat money laundering within the crypto sector. This reports Bloomberg.

Lawmakers introduce new crypto law

On Wednesday, European Union lawmakers agreed on the new regulations. The decision was made by the European Parliament and the European Council. 27 ministers of finance from the European member states participate in this.

“This agreement is part of the EU’s new anti-money laundering system. It will improve national collaborations against money laundering and terror financing. This will ensure that fraudsters, organized crime and terrorists no longer have ways to legitimize their actions within the financial system.”

According to Vincent van Peteghem, Belgian Minister of Finance, in a statement. The new anti-money laundering plans are part of the overarching European MiCa crypto law that will be rolled out in the European Union in the coming years.

The new strict rules must first be officially approved by the European Parliament and the Member States before they can be implemented.

The rules do not only apply to the crypto sector but also to the luxury goods industry. Jewelers, car salesmen and art dealers, among others, must monitor customers more strictly and report suspicious purchases. There will also be a limit of up to €10,000 for cash payments throughout the European Union.

The European MiCa crypto law

So big changes are coming. But coming back to the European MiCa law. What exactly is this?

MiCa stands for ‘Markets in Crypto-Assets Regulation’. The MiCa law should provide more clarity for participants within the European crypto sector. The law must also offer more protection to crypto users in Europe.

The MiCa law will undoubtedly completely change the playing field for the crypto sector in Europe. Would you like to read more about the upcoming MiCa law? Then this article is for you.

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2024-01-18 18:21:20
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