Consolidation and centralization: How Europe’s new AML regulation will affect crypto By Cointelegraph

Consolidation and centralization: How Europe’s new AML regulation will affect crypto

Cryptocurrency Mar 12, 2022 05:20AM ET

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Consolidation and centralization: How Europe’s new AML regulation will affect crypto

According to recent media reports, six European countries, led by Germany, are working on launching an Anti-Money Laundering (AML) body that will include the cryptocurrency market in its purview. Details remain scarce, but it is known that the initiative involves Germany, Spain, Austria, Italy, Luxembourg and the Netherlands. The group is working on “the remit and design” of a new international AML watchdog force that will have a particular emphasis on crypto, and the European Commission — the key executive institution of the European Union — will be the primary platform for the discussion. How will the move affect the European crypto space?

The watchdog’s mandate

The new task force will aim to “cover the riskiest cross-border entities among banks, financial institutions and crypto assets service providers.” At the moment, the initiative still awaits official deliberation. Christian Toms, a partner in law firm Brown Rudnick’s litigation and arbitration practice group in London, noted to Cointelegraph:

Governed by directives

Changes to the regulatory landscape

The hardline scenario

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