Bitcoin

Strike

The European Parliament has <a href="https://www.europarl.europa.eu/news/en/press-room/20240419IPR20586/new-eu-rules-to-combat-money-laundering-adopted" target="_blank" rel="noopener" data-wpel-link="external">passed</a> a law that entails the implementation of tougher rules for crypto-asset exchange service providers (CASPs). These new rules improve identity verification and require companies to spot suspicious activities to combat money laundering. 
Crypto exchanges and gambling services that operate in a centralized manner are affected by this law. The law is meant to limit the operations of illicit activities connected to this sector. These rules also apply to all CASPs, the regulatory subjects under the Markets in Crypto-Assets Regulation (MiCA). 
The law tackles privacy threats connected with cryptocurrency transactions by banning anonymity tools, crypto mixing services, and privacy coins. These measures are part of a comprehensive strategy for the surveillance of crypto transactions through monitoring and controlling financial crimes among them. 
Crypto companies will now have to follow the customer due diligence process and Know Your Customer (KYC) procedures more stringently, rather than less cautiously. This will entail validating their users’ identities and keeping detailed transaction records, particularly where transactions exceed €1,000. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/04/25/biden-administration-proposes-44-6-capital-gains-tax-increase/" data-wpel-link="internal">Strike Launches Bitcoin Services For European Users</a> 
</blockquote>

EU Tightens Anti-Money Laundering Rules for Crypto Exchanges

The Crypto Times

Other articles published on Apr 24, 2024

Cryptocurrency Market Analysis: Predictions for Bitcoin, LUNA, CHZ, and CEEK

Changpeng Zhao writes an apology letter to the Judge as he faces jail time

Mt. Gox’s $9B overhang could ‘spook the market,’ pressure Bitcoin: K33

Despite Ethereum’s Crash to $3K, Aave & Ripple Holders Find Growth Potential in Raffle Coin with ...

4 Must Buy Top Underrated Meme Coins In 2024

Top 5 Meme Coins To Invest in May 2024 for Maximum Returns

Join our free newsletter for daily crypto updates!