The European Union has reached a preliminary consensus on the introduction of new rules for cryptocurrency companies. These companies will be required to conduct thorough investigations of their customers.
According to the statement, the EU Council and the European Parliament have come to an understanding on the key aspects of the new anti-money laundering (#AML) legislation. The main goal of this legislation is to secure the financial system of the association and protect European citizens from money laundering and terrorist financing, the document said.
The agreement will have an impact on most cryptocurrency companies. If approved, digital asset players will be required to authenticate their customers for transactions of 1,000 euros ($1,090) or more.
In addition, the new rules will include measures to mitigate the risks associated with non-custodial #cryptocurrency wallets.
The agreement will soon be submitted to the European Parliament for approval. Once approved, the text of the document will be published in the Official Journal of the #European Union, which will officially put the rules into effect.
