European Union (EU) lawmakers have agreed on <a href="https://www.cryptoknowmics.com/glossary#anti-money-laundering-aml-">anti-money laundering</a> (AML) rules that would apply to a large number of cryptocurrency transactions, Ernest Urtasun said, a member of the European Parliament, announced Wednesday.
<h2>EU Lawmaker Introduces AML Law on Crypto</h2>
In a tweet announcing the agreement, Ernest Urtasun, a member of the European Parliament, stated that they are "putting an end to the wild west of unregulated crypto, closing major loopholes in the European anti-money laundering rules."

https://twitter.com/ernesturtasun/status/1542217821958115332

The new rules aim to prevent money laundering, among other crimes, by requiring crypto-assets service providers to collect and store information identifying people involved in cryptocurrency transactions, as well as hand the information over to authorities that are conducting investigations. However, it will not track requirements on private, <a href="https://www.cryptoknowmics.com/news/uk-treasury-abandoned-plans-to-implement-kyc-for-unhosted-wallets/" target="_blank" rel="noopener">unhosted wallets</a> that the EU Parliament initially planned in March.

However, the rules do not apply to peer-to-peer (P2P) transactions. This means upon implementing the Transfer of Funds Regulation (TOFR) rules, users uncomfortable with the data collection could migrate to  P2P transactions. The rules will also regulate digital asset providers' relationships with CASPs in third-world countries, especially where these providers are unregulated and unlicensed.

According to a <a href="https://www.europarl.europa.eu/news/en/press-room/20220627IPR33919/crypto-assets-deal-on-new-rules-to-stop-illicit-flows-in-the-eu" target="_blank" rel="nofollow noopener">press release</a> posted on the European Parliament's website, the regulation has "no minimum thresholds nor exemptions for low-value transfers" and applies to all transactions involving service providers, such as cryptocurrency exchanges, regulated under the EU.

Speaking on the rules, EU policy maker Ondřej Kovařík tweeted:

https://twitter.com/OKovarikMEP/status/1542216232098844674

EU Finalizes Anti-Money Laundering (AML) Rules on Crypto Activities

European Union (EU) lawmakers have agreed on anti-money laundering (AML) rules that would apply to a large number of cryptocurrency transactions.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

EU Finalizes Anti-Money Laundering (AML) Rules on Crypto Activities

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