April

Coin

<ul class="news-points">
 <li>EU Parliament mandates new KYC and AML rules for crypto on April 24, 2024.</li>
 <li>New regulations under MiCA are to be fully applicable by year-end.</li>
 <li>AMLA in Frankfurt will oversee compliance with crypto regulations.</li>
</ul>
On April 24, 2024, the European Parliament approved new regulations targeting money laundering within the cryptocurrency sector. These rules impose mandatory due diligence and identity verification for customers. They apply to <a href="https://coinedition.com/thailand-sec-to-unveil-stricter-rules-for-crypto-asset-managers/" rel="noopener noreferrer nofollow">crypto asset managers</a> and centralized exchanges.
The legislation enhances existing Know Your Customer (KYC) and <a href="https://coinedition.com/eu-cracks-down-on-crypto-with-stricter-anti-money-laundering-rules/" rel="noopener noreferrer nofollow">Anti-Money Laundering</a> (AML) protocols. <a href="https://coinedition.com/eba-publishes-stablecoin-issuance-guidelines-under-mica-regulation/" rel="noopener noreferrer nofollow">Under the Markets in Crypto-Assets</a> (MiCA) framework, crypto-asset service providers (CASPs) must now conduct thorough customer due diligence (CDD) and report any suspicious activities to the authorities.
This initiative aligns with the <a href="https://coinedition.com/the-european-union-destined-to-enact-ai-law-despite-lingering-doubts/" rel="noopener noreferrer nofollow">European Union</a>‘s broader strategy to govern digital assets and their markets effectively. MiCA, effective June 2023, will be fully applicable by the end of the year. The new anti-money laundering regulations will complement this framework to secure a transparent crypto ecosystem.
The Authority for Anti-Money Laundering and Countering the Financin…
The post <a href="https://coinedition.com/eu-sets-crypto-aml-standards-here-is-what-you-need-to-know/" rel="noopener noreferrer nofollow">EU Sets Crypto AML Standards: Here Is What You Need to Know</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

EU Sets Crypto AML Standards: Here Is What You Need to Know

Coin Edition

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