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Europe Should Move to Cover Regulatory 'Blind Spots' for Crypto Assets: EU Parliament Report


The European Parliament’s in-house think tank is recommending the E.U. broaden the definition of cryptocurrency and expand the list of crypto-related entities subject to regulations. In May 2018, the E.U adopted the Fifth Anti-Money Laundering Directive (AMLD5). It proposed a stringent regulatory framework requiring crypto exchanges and custodial service providers to register with regulators and demonstrate compliance with know-your-customer (KYC) and anti-money laundering (AML) rules. However, in a new study published by the European Parliament Research Service, researchers argued that the AMLD5 framework is now outdated when compared to higher international standards such as that of the Financial Action Task Force (FATF). “To bring the European AML/CFT framework up to speed with the current reality in the crypto-space, the EU could consider a number of regulatory actions,” the report said. Read More...



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