How Europe’s New AML Regulation Will Affect Crypto

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According to recent press reports, six European countries, led by Germany, are work on the launch an Anti-Money Laundering (AML) body that will include the cryptocurrency market within its scope. Details remain scarce, but the initiative is known to involve Germany, Spain, Austria, Italy, Luxembourg and the Netherlands. The group is working on the “mission and design” of a new international AML monitoring force that will have a particular focus on crypto, and the European Commission – the main executive institution of the European Union – will be the main platform of discussing. How will this decision affect the European crypto space?

The mandate of the watchdog

The new task force will aim to “cover the riskiest cross-border entities among banks, financial institutions and crypto-asset service providers.” At the moment, the initiative is still awaiting official deliberation. Christian Toms, a partner in the Litigation and Arbitration Practice Group at London law firm Brown Rudnick, told Cointelegraph:

Governed by guidelines

Changes in the regulatory landscape

The pure and hard scenario

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