The EU's Anti-Money Laundering Authority Warns of Stricter Regulation for Cryptocurrency Companies

The EU's newly established Anti-Money Laundering Authority (AMLA) officially began operations this month and warned virtual asset service providers (VASPs) such as crypto exchanges and custodial wallets to strictly comply with the new anti-money laundering regulations. The AMLA Chairman pointed out that member states will review the platform's beneficial owners and shareholder background to prevent money laundering and terrorist financing risks. The new rules explicitly prohibit services related to anonymous wallets and privacy coins, and require crypto companies to provide regulators with "direct, immediate, and unfiltered" access to account data by July 2027 at the latest. [Decrypt]