{"id":29763,"date":"2024-04-26T09:08:51","date_gmt":"2024-04-26T09:08:51","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/eu-drives-forward-with-new-crypto-regulations-for-the-next-phase\/"},"modified":"2024-04-26T09:08:51","modified_gmt":"2024-04-26T09:08:51","slug":"eu-drives-forward-with-new-crypto-regulations-for-the-next-phase","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/eu-drives-forward-with-new-crypto-regulations-for-the-next-phase\/","title":{"rendered":"EU Drives Forward With New Crypto Regulations For The Next Phase"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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The European Parliament has implemented new regulations requiring formal due diligence for cryptocurrency firms in an effort to curb money laundering. Organizations in the cryptocurrency industry are subject to certain requirements as a result of this legislation.<\/p>\n

The purpose of the newly passed legislation is to support \u201cdue diligence measures and identity checks\u201d for cryptocurrency asset managers and other industry participants. To further increase accountability and transparency, these groups must notify the appropriate authorities of any questionable activity.<\/p>\n

Impact on Crypto-Asset Service Providers<\/h2>\n

Crypto-asset service providers (CASPs), such as centralized exchanges subject to the Markets in Crypto-Assets (MiCA) regulation, would be greatly impacted by the new law to combat financial crimes<\/a> . These rules will also have an impact on other suppliers, such as those in the casino industry.<\/p>\n

The European Union unveiled the MiCA regulatory framework in June 2023 with the goal of fully regulating digital assets and associated marketplaces. By the end of 2024, the legislation is expected to be fully implemented.<\/p>\n

The recently formed Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) agency, with its main office in Frankfurt, Germany, will be in charge of enforcing and administering these legislation. The law is being prepared for implementation even though the EU Council has not yet formally ratified it and published it in the EU Office Journal.<\/p>\n

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The head of EU strategy and policy at Circle, Patrick Hansen, expressed hope regarding the regulatory modifications and emphasized the industry\u2019s joint efforts to promote a risk-based strategy. According to Hansen, the updated laws provide clarity and predictability for the future of the cryptocurrency business by striking a balance between regulatory compliance and innovation.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) The European Parliament has implemented new regulations requiring formal due diligence for cryptocurrency firms in an effort to curb money laundering. Organizations in the cryptocurrency industry are subject to certain requirements as a result of this legislation. The purpose of the newly passed legislation is to […]<\/p>\n","protected":false},"author":34,"featured_media":29764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/29763"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=29763"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/29763\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/29764"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=29763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=29763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=29763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}