EU works on new regulator to oversee cryptocurrencies

The European Union seeks to control money laundering in transactions with digital currencies. For this reason, it is working on a new authority in this market

In its fight against money laundering in cryptocurrency transactions, the European Union recently announced that it is working on a new regulatory body that provides transparency and peace of mind.

According to a report by The Block, the new anti-money laundering regulator, or AMLD6, will have direct input in the supervision of the crypto market.

The publication describes the implications of this regulator in all the financial entities of the European bloc, they are in conflict with the rules in each jurisdiction. In addition, it explains the task of monitoring digital currency providers, especially those labeled as “high risk”.

The creation of the new regulatory body “could be a major change for the EU, as previous AML directives established lax standards that are somewhat left to the judgment of each jurisdiction; at least for the crypto sector.”

In any case, the negotiations for the creation of the new body are at an initial stage, in which the European Commission, the European Council and the European Parliament participate.

M.Pino

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Source: diariobitcoin

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