Crypto industry insiders express concern over the stringent anti-money laundering rules recently agreed upon by European Union policymakers.
While the objective is to create a level playing field between crypto firms and banks, some argue that the new rules are more restrictive for digital asset firms.
The regulations include robust customer verification requirements and measures to address risks related to self-hosted wallets and cross-border transfers.
Despite efforts to keep non-fungible tokens (NFTs) and decentralized finance (DeFi) out of the regulatory scope, the finalized Anti-Money Laundering Regulation (AMLR) may still impact the crypto sector. While the regulatory package is not yet final, concerns linger about potential restrictions on privacy-enhancing tools.
The crypto industry continues to navigate discussions, anticipating technical talks on the AMLR details to commence soon.
