EU Agrees on Anti-Money Laundering Rules for Crypto But It Seems Unfair
EU plans new crypto rules for money laundering, requiring identity checks for transactions over 1,000 euros; concerns arise over fairness.
The European Parliament and EU Council have reached a provisional deal on new rules to prevent money laundering in crypto. These rules require crypto companies to check customer identities for transactions over 1,000 euros.
The crypto industry is worried these new EU rules might be tougher than those for traditional banks. The rules are part of a larger anti-money laundering regulation (AMLR) that includes customer verification and other safeguards.
While the goal is to treat crypto firms and banks the same, there are concerns that the rules aren't equally applied. For instance, crypto firms have to do basic identity checks on all occasional transactions, which is different from the requirements for banks.
The AMLR, part of a larger effort to stop illegal money flows, still needs final approval. It aims to ensure the same rules for both the banking sector and crypto businesses. The technical discussions are ongoing, intending to have the package ready for approval in April.
