The European Council and Parliament have come to a preliminary agreement on certain aspects of a proposed new anti-money laundering package, which will impose stricter regulations on cryptocurrency companies.
This package will cover the majority of the crypto industry and will require these businesses to conduct thorough due diligence on their customers. Transactions exceeding €1,000 ($1,090) will trigger this requirement.
The agreement also includes measures to address risks associated with transactions involving self-hosted wallets.
The proposal must first be approved by the European Parliament before it can be officially adopted and take effect. In addition, the European Banking Authority has expanded its guidelines on money laundering and terrorist financing to include the crypto sector.
