The EU has pushed the button for a new money laundering regulation that will oversee the crypto industry.
The European Union is preparing directly to create a new regulatory framework for the cryptocurrency industry.
EU to Establish Regulatory Framework
The European Commission published its proposal, known as AML/CTF or AMLD6, last July. The Council of Europe also put forward its own version last month. The European Parliament plans to address the issue after the August recess.
The basis of the new legislation that is planned to be prepared is the creation of an EU-wide regulatory framework to combat money laundering. While the issue is still being negotiated by legislatures, the fact that the EU has direct oversight over crypto service providers is thought to have caused several disagreements.
The European Parliament has historically been the most aggressive legislature for regulating the crypto industry. It is therefore unlikely that the legislature will oppose a regulatory framework.
“It is critical that the Anti-Money Laundering Authority have skilled staff to explain the latest technologies to interact with decentralized networks,” EU Crypto Initiative said in a statement.
