The latest provisional agreement comes just a day after the EU banking watchdog extended AML guidelines for crypto firms.
The European Council and parliament have provisionally agreed to expand parts of the European Union’s Anti-Money Laundering (AML) and Counter-Terrorist Financing law to cover the cryptocurrency market.
The deal will include most of the cryptocurrency industry, meaning companies providing cryptocurrency services must check and confirm details about their customers. They also have to report any activities that seem suspicious. According to the new agreement, these companies must check all transactions that cost €1,000 ($1,090) or more. The temporary law also includes steps to reduce the risks linked to self-hosted wallets.
Lawmakers have set up special checks for crypto asset service providers when they have relationships involving transactions across different countries, requiring them to closely monitor the business connections of wealthy individuals.