A group of EU policymakers have announced that new rules will cover “most of the crypto sector” and will require market participants to carry out mandatory customer verification when transacting in virtual currencies.
Transactions with digital assets worth more than 1,000 euros (approximately $1,090) are subject to the new EU requirements. Operators will be required to verify not only the legitimacy of transaction participants, but also the sources of origin of assets. This means that companies will have to verify information about their customers, as well as report suspicious activity.
“The agreement is part of the EU's new framework to combat money laundering through digital assets. This will improve the way national systems work together and ensure that there is no room for fraudsters, organized crime and terrorists to launder money through the financial system,” the statement said.
It is reported that all the new rules will eventually fall into the new EU legislation on regulating the crypto industry, and the directive will concern the organization of national systems to combat money laundering in each EU country.
Earlier, the European Banking Authority (EBA) announced the preparation of a technical standard (RTS) to prevent conflicts of interest between users and issuers of stablecoins linked to the value of real assets (ART).
Source: Bits
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