The European Parliament has approved a new law requiring stricter regulations for crypto-asset exchange service providers (CASPs). Under this law, companies will enhance identity checks and be obligated to monitor and report any potentially illicit transactions to prevent money laundering.
Centralized crypto exchanges and gambling platforms are subject to this new regulation aimed at curbing illegal activities within their sectors. This law extends to Covered Asset Service Providers (CASPs), the entities regulated under the European Markets in Crypto-assets Regulation (MiCA).
The law aims to address privacy concerns in cryptocurrency transactions by prohibiting the use of anonymity tools, crypto mixing platforms, and privacy coins. These restrictions are elements of a broader approach to overseeing crypto transactions, which includes monitoring and regulating financial crimes within this realm.
Crypto businesses must now implement rigorous identity verification and record-keeping procedures for their customers, including KYC (Know Your Customer), instead of taking a less careful approach. This means verifying the identities of users and maintaining comprehensive records of transactions, with a focus on those exceeding €1,000.
Strike Launches Bitcoin Services For European Users
Read More
Sorry. No data so far.
2024-04-25 02:45