EU to centralize crypto regulations

Posted:Jul 11, 2021 06:00 Category: Crypto , Europe , Posted by
Ravindu Dabarera

Crypto asset providers will be obliged to register to a central EU regulator and disclose data on crypto miners and traders

The European Commission is proposing the implementation of an Anti-Money Laundering Authority (AMLA), to regulate the cross-border financial sector. The entity would be responsible for monitoring the crypto-asset industry of the EU, which had formerly been under regulation of each member state individually.

Data on crypto miners and traders will then be collected and disclosed to the AMLA.

The decision is a result of the Danske Bank scandal, that took place from 2007 to 2015. €200 billion of suspicious transactions were discovered flowing through the Estonian branch of the Danish bank. Now, the necessity has arisen to address organized crime and terrorist financing centrally, the Commission stated.

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