EU Wants Crypto Law Tightened Through New Agency Monitoring - Kakiforex.com - Financial Market Media No. 1 in the World EU Wants Crypto Law Tightened Through New Agency Monitoring EU Wants Crypto Law Tightened Through New Agency Monitoring
InstaForex

July 9, 2021

EU Wants Crypto Law Tightened Through New Agency Monitoring

 The European Union (EU) will set up a new agency to combat money laundering, as well as introduce transparency laws on cryptocurrencies.


The EU’s executive branch, the European Commission is responsible for creating the Anti-Money Laundering Authority (AMLA) which will work with local authorities to fight crime.


Among the proposals that will be proposed from the EU include that crypto service providers such as exchanges need to collect and make data for each transaction carried out accessible.



Supervisors take this matter seriously as digital asset transfer activities are currently not included in EU financial law, leaving crypto investors exposed to the risk of money laundering and terrorist financing activities without comprehensive legislation.


The decision was taken in connection with the investigation into Danske Bank in 2018. It was reported that the bank had misappropriated a total of around $ 227 billion in transactions through Estonian branches in 2007 and 2015.


Although the case has roughly nothing to do with cryptocurrencies, digital assets remain under the AMLA. The EU believes illicit money transactions can be done through the transfer of crypto assets.


Several EU countries have already started imposing crypto laws especially on issues related to money laundering. One of them is the United Kingdom (UK) which stopped Binance operations last month.