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The European Union has announced a provisional agreement to strengthen anti-money laundering (AML) regulations
1 month ago 1 min read

EU Toughens Anti-Money Laundering Rules for Crypto, Introduces KYC for Transactions Over €1,000

The European Union has announced a provisional agreement to strengthen anti-money laundering (AML) regulations, with a particular emphasis on the crypto sector. The proposed restrictions, which were announced in a recent press release, include stringent measures such as know-your-customer (KYC) checks on transactions exceeding €1,000, even if they involve self-hosted wallets. Key regulatory changes suggest that crypto-asset service providers (CASPs) must conduct due diligence on customers involved in transactions worth €1,000 or more. Further, the rules are specifically aimed at self-hosted crypto wallets to mitigate perceived risks associated with transactions through them. Also, the new regulations are part of a