Crypto Industry Cautiously Welcomes Agreement on New EU AML Rules
Summary
EU policymakers have agreed on strict anti-money laundering rules for crypto firms, including customer verification and risk mitigation for transactions involving self-hosted wallets and cross-border transfers. The industry is concerned that these rules are more stringent than those for traditional financial institutions. The regulations also cover non-fungible tokens (NFTs) and decentralized finance (DeFi), with indications that they may be excluded from the scope. The AMLR aims to treat crypto firms like credit institutions, imposing equal obligations. Technical discussions on the AMLR are expected to intensify, with the package targeted for Parliamentary approval in April.
