New Regulations for the Cryptocurrency Industry in the European Union Have Been Provisionally Adopted

The European Union has announced that it has reached a tentative agreement to impose stricter regulations on cryptocurrency companies. The decision, announced on Thursday, has been expanded as part of a broader effort to improve coordination among national authorities to combat money laundering.

The agreement took place after lengthy negotiations between representatives of the member states of the European Union and the European Parliament. It is also part of a package of anti-money laundering measures aimed at addressing inconsistencies in countries' current approach to fraud and financial crimes.

Under the agreement, existing EU anti-money laundering rules will be expanded to further cover participants in the cryptocurrency ecosystem. Crypto-asset service providers will be required to conduct due diligence checks on customers who carry out transactions with amounts of €1,000 or more and report suspicious financial activity. Additional verification requirements will be in place for cross-border crypto companies.

The rules also aim to discourage the use of self-hosted digital wallets, which allow users to directly control their private keys. These types of wallets have gained notoriety because they allow criminals to hide funds more easily.

In addition to cryptocurrency traders; The regulations will also apply to sellers of luxury and high-value goods such as precious metals, jewelry, luxury vehicles and airplanes. The requirements are intended to make it more difficult to transfer illicit gains to assets that retain their value and are easy to move or hide.

As part of broader efforts to curb the use of foreign currency in illicit transactions, the agreement imposes a €10,000 limit on cash payments across the EU. However, in order for them to become law, they must be approved by member states and Parliament.

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