The European Union continues to tighten its regulations on cryptocurrencies as the concerns about money laundering and terrorist financing in the industry grow. According to the latest news about the crypto sector, the EU plans to task its new Anti-Money Laundering (AML) Authority with monitoring the companies in the crypto industry.
Currently, different authorities across multiple EU states tackle the issues of money washing and financial fraud. The Commission published a proposal for creating a unified AML body in July 2021.
The AML watchdog will start its operations in 2024 and become fully functional by 2026. The Commission and other authorities are currently creating the scope and design of the regulatory body. The main goal and function of the authority are to reduce the financial crime rate across 27 countries of the EU and monitor the operations of banks, financial institutions, and crypto-related companies.
EU countries call for crypto oversight as the crime rate grows
As Bloomberg reports, a group of the EU states, led by Germany along with Spain, Austria, Luxembourg, Italy, and the Netherlands, insists on more explicit inclusion of crypto firms to the Authority’s oversight. The decision is caused by the concerns that these companies are involved in illegal activities.
Member of the European Parliament and one of the key lawmakers for the new AML watchdog Luis Garicano stated that money laundering activities are very likely to emerge in the crypto space.
The new study by Chainanalysis found out that in 2021, the crypto-related crimes reached the highest ever level of $14bn.
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