Europe’s new anti-money laundering regulator to review cryptocurrencies in Frankfurt, Germany
According to DL News, there are new regulators in the cryptocurrency industry in Europe. On Thursday evening, European parliamentarians and ministers reached a consensus that Frankfurt, Germany, as the financial center of Germany and the location of the European Central Bank, will establish a new agency responsible for supervising compliance with anti-money laundering regulations.
The EU is establishing a new anti-money laundering agency, the AML Regulatory Bureau, to combat illegal financial flows within the 27 member states of the EU. The regulatory agency plans to supervise credit and financial institutions operating in more than six EU countries.
After perfecting its standards by 2025, the AML Regulatory Bureau may cover cross-border activities, products offered, and customer-related risks. This means that some large cryptocurrency asset service providers may be subject to direct regulation.
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