The European Union has launched the Anti-Money Laundering Authority (AMLA), ushering in strict regulations for cryptocurrency companies starting this month.
This move signals a major crackdown on the crypto sector, aiming to curb illicit activities.
Key changes include:
- Mandatory checks on all beneficiaries and shareholders of crypto platforms.
- A ban on anonymous wallets and privacy coins like Monero and Zcash.
- Required direct access for government agencies to account data.
- Penalties, bans, and potential criminal charges for non-compliance.
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The impact is already felt, with Binance hit by a €3.3 million fine in the Netherlands and facing a new investigation in France over suspected terrorism financing and drug trafficking. This aggressive stance reflects growing concerns about crypto’s role in money laundering, though critics question whether such measures might stifle innovation in the industry.
