The European Parliament has adopted new rules to increase due diligence and identity checks for crypto companies, in a bid to combat money laundering.
The new law, passed on 24 April, requires crypto-asset service providers and other entities, including gambling services, to report any suspicious activity to authorities.
In a separate post , Hansen mentioned that these CASPs will be required to follow standard Know-Your-Customer (KYC) and Anti-Money Laundering (AML) procedures such as conducting customer due diligence.
He noted that this requirement is nothing new, as all crypto exchanges and custodial wallet providers in the EU are already obligated to comply with these under existing laws.
Further reading: Dubai passes comprehensive digital asset law, new custody rules
