EU Strengthens Anti-Money Laundering Measures for Crypto Firms

IconCrypto News Terminal24 Apr, 2024

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EU Strengthens Anti-Money Laundering Measures for Crypto Firms

The European Union (EU) Parliament has passed an anti-money laundering bill that will require crypto firms to collect user data. The law also requires crypto firms to increase monitoring of unhosted wallets and prohibit the use of crypto mixers and privacy tokens. "This legislation takes aim at illicit activities across the board, from cash to crypto-assets, real estate and works of art," said Mairead McGuinness, the EU's financial services commissioner. The bill initially included a cap on the amount of funds that could be received through unhosted wallets, but this was removed from the final version after lobbying from the industry. Previously on [date], [one liner summary of previous news].

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