The latest provisional agreement comes just a day after the EU banking watchdog also extended the EU AML guidelines for the crypto firms.
The European Union’s member states, lawmakers, and the European Commission have provisionally agreed to expand parts of the EU’s Anti-Money Laundering (AML) and Terrorist Financing law to cover the nascent cryptocurrency market.
The deal will include most of the cryptocurrency industry which means companies providing cryptocurrency services must check and confirm details about their customers. They also have to report any activities that seem suspicious. According to the new agreement, these companies must check all transactions that cost €1,000 ($1,090) or more. The temporary law also includes steps to reduce the risks linked to self-hosted wallets.
Lawmakers have set up special checks for crypto-asset service providers when they have relationships involving transactions across different countries and require them to monitor wealthy individuals' business connections closely.
