EU Expands AML Rules to Crypto Providers
06.07.2024 6:30 1 min. read Alexander Stefanov
The European Banking Authority (EBA) is extending its Travel Rules guidelines to include crypto service providers and their intermediaries, effective December 30 under Regulation (EU) 2023/1113.
This requires crypto exchanges in the EU to report information on fund and crypto asset transfers, aligning them with the EU’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) framework as defined by the Markets in Crypto-Assets Regulation (MiCA).
Key Points:
- Crypto exchanges and service providers must comply with new AML/CFT requirements starting December 30.
- Payment service providers (PSPs) and intermediary CASPs have a two-month grace period to comply.
- Providers must collect user information, identify transaction purposes, and detect linked transfers.
- The EBA anticipates long-term benefits despite initial financial burdens.
Additionally, the Cardano Foundation has introduced sustainability indicators for the Cardano network, complying with MiCA regulations, emphasizing energy efficiency and reduced carbon footprint.
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