EU members plan anti-money laundering watchdog to oversee cryptocurrencies in 2024 By Cointelegraph

©Reuters. EU members plan anti-money laundering watchdog to oversee cryptocurrencies in 2024

The European Commission, in coordination with other authorities, apparently plans for its financial watchdog group to potentially monitor illicit transactions by crypto companies.

According to a Tuesday report from Bloomberg, a group of European Union member countries, led by Germany and including the Netherlands, Spain, Austria, Italy, and Luxembourg, plan to include crypto firms in the purview of the group focused on anti-money laundering, supposedly the European Commission’s Anti-Money Laundering Authority, which was first proposed in July 2021. The group will reportedly start operations in 2024 and will be “fully functional” in 2026.

An EU diplomat reportedly said that the inclusion of cryptocurrency companies on the anti-money laundering watchdog’s agenda was intended to provide more explicit coverage of cryptocurrency transactions under the anti-money laundering regulations. the EU on financial services. The news outlet reported that the anonymous official wanted the group to focus on high-risk cross-border transactions facilitated by cryptocurrency service providers, in addition to banks and other financial institutions. However, the proposed framework still needs to be discussed by EU member countries.

Read the full article on Cointelegraph

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