New EU AML rules: A step towards combating anonymity in the cryptosphere
Date: 2024-04-29 Author: Oliver Abernathy Categories: IN WORLD
The European Parliament has passed the Anti-Money Laundering Bill (AMLR), tightening controls over crypto assets and services.
Businesses and service providers should collect more user data and conduct due diligence on customers, especially when using cryptocurrencies to pay for goods or services.
Prohibition on anonymous transactions
AMLR prohibits anonymous transactions through custodial wallets or using privacy coins, and also prohibits the use of cryptomixers and other services that provide additional privacy.
EU Financial Commissioner Mairead McGuinness stressed that the new rules are aimed at preventing illegal activities in various areas, including cryptocurrencies.
Exceptions to the rules
Hardware and software providers, as well as non-custodial wallets, are not subject to the new rules unless they have access to or control over digital assets.
Publication of the document in the Official Journal of the European Union is expected in June 2024, and the provisions will come into force three years after final approval - no earlier than 2027.
