🛁EU announces creation of a new crypto regulator focused on money laundering

🛁EU announces creation of a new crypto regulator focused on money laundering

The new body will be based on AMLD6 — the Sixth Anti-Money Laundering and Counter-Terrorism Financing Directive — adopted by the European Commission in 2021. This regulator will carry the same name: “AMLD6”.

➡️ General context: While the MiCA regulation has been well received by major crypto companies — which have sought licenses within the EU attracted by a clear regulatory environment — the European Parliament recently approved a new anti-anonymity rule set to take effect in 2027. This regulation will limit or even prevent transactions between non-custodial wallets and exchanges, increasing the sector’s operating costs and complexity.

➡️ Role of AMLD6: The new regulator will be responsible for overseeing crypto service providers, especially those classified as high-risk. It will have direct supervisory powers over certain financial entities, as well as indirect or coordinated oversight over others. It will also be in charge of coordinating oversight of the related non-financial sector.

➡️Regulations proposed by AMLD6 will be mandatory for all EU Member States.

Although a potential ban on Proof-of-Work for environmental reasons is also being discussed, AMLD6 is not expected to come into force immediately. The European Parliament will debate the proposal in the fall, and several outcomes remain possible.

#news #Europe #crypto

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