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EU Agrees on Stricter Regulations for Cryptocurrency Firms

The European Council and Parliament have provisionally agreed on stricter regulations for cryptocurrency firms to enhance anti-money laundering measures in the sector.

The European Council and Parliament have agreed on new rules that will make cryptocurrency firms follow stricter guidelines. These rules are part of the anti-money laundering efforts and were announced on Thursday.

Crypto firms will now have to check their customers more closely, particularly on transactions of Ôé¼1,000 or, $1,090, or more. The aim is to make sure cryptocurrencies arenÔÇÖt used for illegal activities. The rules also have a special focus on self-hosted wallets, which are managed by the users themselves, not a company.

This agreement isnÔÇÖt final yet. It needs to be approved by the European Parliament. Once approved, the Council and Parliament have to adopt it officially, then the rules will be published and start to apply.

The European Banking Authority, on Tuesday, extended its guidelines on money laundering and terrorist financing risk factors, now including the crypto sector.

Vincent Van Peteghem, the Finance Minister of Belgium, said these new rules are part of the EUÔÇÖs plan to fight against money laundering. The goal is to stop criminals and terrorists from using the financial system to hide their illegal money.

Last year, the EU passed the Markets in Crypto Assets (MiCA) regulation, which clarified rules about cryptocurrencies.

How AI legalese decoder can help with the new cryptocurrency regulations in the EU

The AI legalese decoder can assist cryptocurrency firms in navigating and understanding the new and stricter regulations imposed by the European Council and Parliament. By analyzing the legal jargon and complex language used in the regulations, the AI legalese decoder can break down the requirements and guidelines into easily understandable terms. This can help cryptocurrency firms ensure that they are compliant with the anti-money laundering measures and avoid potential legal pitfalls.

Additionally, the AI legalese decoder can provide real-time updates and interpretations of any changes or amendments to the regulations, allowing cryptocurrency firms to stay up-to-date with the latest legal requirements. This can ultimately streamline the compliance process and mitigate the risk of non-compliance for cryptocurrency firms operating within the EU.

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