European crypto firms brace for higher costs as new Euro AML law is officially enforced today

posted 3 months ago
A strict new regulatory regime is dawning upon European firms handling cryptocurrency. The European Union’s 28 member nation-states must adopt the 5th Anti-Money Laundering Directive “AMLD5.” The new rules require Euro crypto exchanges and custodial service providers to register with their local regulator and demonstrate compliance with thorough KYC and AML procedures.

In addition to the enhanced KYC and reporting obligations, the regime gives greater power and reach to financial intelligence units and law enforcement. These regulations are likely to increase costs to exchanges, possibly forcing some to shut down.
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