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European Union Wishes to Have Anti-Money Authority To Monitor Crypto Oversight

The leaders of the EU wish to set up an oversight regarding crypto firms in an attempt to fight money laundering and terrorist financing.

European Union
Photo by Christian Lue / Unsplash

The leaders of the EU or, European Union seek to set up a strict oversight of crypto firms that will combat money laundering and terrorist financing, per a report from Bloomberg.

A team of EU member states seeks to give the bloc’s new anti-money laundering watchdog (or AML) oversight into the firms partaking in cryptocurrencies, according to the report which was filed on Tuesday.

The aforementioned group includes Spain, Austria, Italy, and is led by Germany. The Bloomberg report mentioned this when citing an unidentified diplomat from the EU. The diplomat in question said that “They want the EU watchdog’s remit to cover the riskiest cross-border entities among banks, financial institutions, and crypto-assets service providers.”

An AML authority’s establishment was something proposed by the European Commission, which is the executive arm of the EU that’s responsible for proposing legislation, back in July 2021. The mandate of the authority is direct and indirect AML supervision across the 27 member states of the bloc.

Regarding virtual assets, the proposal doesn’t really go into detail. EU leaders have boosted their efforts to regulate crypto in all aspects. Pushing for a ban on crypto mining are the lawmakers, whereas discussions regarding a comprehensive package for regulating the industry on the level of the EU, will begin this month.

As for the AML authority’s operational status, The Commission expects that to happen around 2024.

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