EU Provisionally Agrees on Stricter Anti-Money Laundering Rules for Crypto Firms

New Rules Require Crypto Firms to Conduct Due Diligence on Transactions of €1,000 or More

The European Parliament and Council have provisionally agreed on a new anti-money laundering (AML) package that includes stricter rules for cryptocurrency firms.
Crypto-asset service providers (CASPs) will be required to conduct due diligence on customers carrying out transactions of €1,000 ($1,090) or more.
The new rules also include measures to mitigate risks in relation to transactions with self-hosted wallets.
An EU-wide maximum limit of €10,000 has been set for cash payments to make it harder for criminals to launder money.
The agreement needs to be formally adopted by the European Parliament and Council before it can take effect.