Given the developments and growth of the cryptocurrency industry, the European Union (EU) has evolved in its regulations. Recently, the EU signed an agreement to impose stricter rules on companies in the sector. The new rules are part of the regulatory framework that is contrary to money laundering.

With this, the standards are intended to act in the fight against money laundering, in addition to establishing standardized regulations in member states.

“The Council and Parliament reached a provisional agreement on parts of the anti-money laundering package that aims to protect EU citizens and the EU financial system against money laundering and terrorist financing,” the Authority said. in a statement.

The text of the agreement highlights that cryptocurrency companies will be required to do due diligence on their users for transactions worth 1,000 euros or more. With this, customer identities will be verified for larger cryptocurrency transfers.

Vincent Van Peteghem, Belgian Minister of Finance, commented on the recent agreement, highlighting the improvement provided by the regulation:

“aThis agreement is an integral part of the EU’s new anti-money laundering system. It will improve the way national anti-money laundering and terrorist financing systems are organized and work together. This will ensure that fraudsters, organized crime and terrorists will have no room to legitimize their income through the financial system.”

It is worth remembering that the European Union (EU) announced, in June 2023, a political agreement regarding new banking capital legislation, including the cryptocurrency sector. The agreement came after a meeting between representatives of the European Parliament, national governments and the European Commission.

Furthermore, members of the European Union had previously called for a global agreement on cryptocurrencies. Mairead McGuinness, the European Union’s financial services commissioner, called for a new global agreement on cryptocurrencies to protect investors, as well as limit the environmental impact of bitcoin mining across the planet.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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