EU Implements Stringent Regulations on Crypto to Combat Money Laundering

The EU is set to introduce new anti-money laundering regulations that will impact the cryptocurrency industry, including banning privacy coins, restricting self-custody wallet payments, and increasing tracking of crypto transfers. The regulations are expected to work alongside the Markets in Crypto-Assets regulation, with the main challenge being to ensure regulatory clarity and prevent overburdening crypto enterprises. The regulations also aim to crack down on anonymising tools and impose extra due diligence measures for firms handling crypto transactions under €1,000, with the goal of preventing terrorist organizations from using crypto to finance their operations.