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If I exploit bitcoin, how do the brand new EU anti-money laundering guidelines have an effect on me?

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On March 19, the European Parliament authorised a package deal of legal guidelines that set up new guidelines towards cash laundering within the European Union (EU) that ultimately have an effect on the cryptocurrency sector.

However, opposite to what has been mentioned, they don’t set up a prohibition to nameless transactions with cryptocurrencies or self-custody wallets. That is reported by Patrick Hansen, director of Technique and Coverage of the European Union for Circlewho wrote an in depth thread in X to make clear the subject.

The package deal authorised by Parliament, encompassed as laws towards cash laundering and financing of terrorism (AML/CFT), contains the next measures:

  • Rules to create an Anti-Cash Laundering Authority.
  • Regulation concerning obligations to adjust to towards cash laundering relevant to the non-public sector
  • Directive on anti-money laundering mechanisms
  • Assessment of the Regulation on Transfers of Funds (TFR).

About this group of laws, recognized because the AMLR Regulation, Hansen explains that this can be a broad framework that applies to so-called “obliged entities” (EO).

The above signifies that all monetary establishments, together with cryptocurrency exchanges (crypto asset service suppliers or CASP) are obligated entities. As are non-financial establishments equivalent to soccer golf equipment or playing providers that may very well be vulnerable to the danger of cash laundering.

Consequently, the laws authorised with the brand new legal guidelines apply solely to EOsexplicitly excluding {hardware} and software program distributors and self-custody pockets suppliers that don’t have any management over cryptoassets (equivalent to, for instance, Metamask).

In that sense, Hansen insists that the platforms which might be affected are the CASPs which might be regulated by the Regulation for the Cryptoasset Market (MiCA)which should comply with normal KYC/AML procedures (know your buyer and anti-money laundering guidelines).

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“That is nothing new, as all crypto exchanges and custodial pockets suppliers within the EU are already topic to those obligations beneath the foundations already in pressure,” the knowledgeable notes.

What’s prohibited with the brand new package deal of guidelines is that cryptocurrency exchanges present providers to nameless customers and handle privateness cryptocurrencies. One thing that’s already contemplated in MiCA.

With respect to transfers between CASP and self-custody wallets (AMLR Artwork. 31b), AMLR requires “danger mitigation” measures, together with, for instance, the usage of blockchain analytics or the gathering of further information on the origin/vacation spot of these crypto belongings.

Patrick Hansen an X

It’s additional clarified that the newly authorised measures are already in step with the Fund Switch Regulation and with the implementation within the eurozone of the Monetary Motion Activity Drive (FATF) journey rule.

This can be a regulation that forces exchanges to share details about their shoppers. And though it has been extremely questioned inside the cryptocurrency ecosystem resulting from its implications for privateness, it has already been authorised in MiCA since 2023.

Due to this fact, what the brand new regulatory provisions do is reaffirm, to a big extent, the present guidelines. “No radical new restrictions have been launched on self-custody funds, wallets or peer-to-peer transfers,” Hansen reiterates.

Nonetheless, as CriptoNoticias reported, the foundations do set up prohibitions on nameless money funds exceeding 3,000 euros in industrial transactions, and 10,000 euros in enterprise transactions.

Therefore it’s concluded that the regulation authorised final week It has an “extraordinarily restricted” influence within the cryptocurrency sector inside the EU.

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