The European Parliament has recently endorsed new regulations targeting cryptocurrency companies, specifically designed to strengthen measures against money laundering.
These regulations necessitate the implementation of rigorous due diligence and identity verification processes for customers, impacting entities like crypto asset managers and centralised crypto exchanges.
The new legislation, known as Markets in Crypto-Assets Regulation (MiCA), also extends its reach to gambling services, requiring all affected parties to report any suspicious activities to the relevant authorities.
Approved on April 24, this move by the European Parliament marks a significant step towards tightening the oversight of crypto-asset service providers (CASPs) and other related entities, aiming to bolster the security and integrity of digital currency transactions.