News - New EU laws: stronger crypto surveillance against money laundering

By Luc Vesters

New EU laws: stronger crypto surveillance against money laundering

Scams, crime and fraud
Laws and regulations

EU agrees on a provisional law to combat money laundering in the crypto sector. This reports Coindesk. Providers of crypto services will need to monitor their customers in order to illegal activities exclude. This applies to transactions exceeding a monetary value of 1,000 euros.

"This will ensure that fraudsters, organized crime and terrorists no longer have room to legitimize their proceeds through the financial system," Belgian Finance Minister Vincent Van Peteghem said in a press release.

The EU passed its first crypto legislation last year, called MiCa (short for Markets in Crypto Assets). It is considered a regulatory milestone.

MiCa contains a number of rules for service providers. They must apply for a license if they want to operate in the EU. Linked to this are certain legal predictions, for example in the area of Know Your Customer (KYC for short).

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