How EU's new AML regulations may affect crypto
cnbctv18.comEurope's concerns about the use of cryptocurrency to launder money and fund terror are about to be addressed. This is after the European Parliament submitted a policy brief last week dealing with crypto regulation in the region.The document will be put to vote on March 14 after due discussion by the European Parliament Committee.
This is according to a tweet from committee member Stefan Berger. He also mentioned that the policy would not include any content banning Proof-of-Work (PoW) mining activities.Blockchains like Bitcoin use the PoW mechanism, which rewards miners for devoting their computing power to transaction processing.
PoW operations consume massive computing power, and mining stations are known to consume the power equivalent of a data centre.Media reports suggest that six countries – Germany, Spain, Italy, Austria, Luxembourg and the Netherlands - are leading the charge on the formulation of crypto regulation in Europe. The nations are collectively working together to set up an oversight committee for crypto when it comes to Anti-Money Laundering (AML) laws.
Here’s how the regulations may affect the crypto market:AML WatchdogA centralised anti-money laundering organisation in the EU has long been on the cards. Talks of one date back to July 2021, when Reuters reported that the European Commission was considering a new AML authority that would be at the centre of all crypto regulations.
While the details are still sketchy, it looks like this is finally going to come to fruition.The new task force will aim to keep a close eye on crypto service providers, financial institutions, and banks that engage in cross-border transactions. And while the finalisation of the move is yet to be confirmed, the crypto
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