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EU Just Finalized Crypto Money Laundering Rules

Source: PIxabay

It’s been just revealed that the EU just finished the crypto money-laundering rules that they have been working on. Check out the latest reports below.

New crypto regulation in Europe

According to the latest reports coming from CoinDesk, the European Union (EU) finally agreed on landmark anti-money laundering rules for crypto transactions Wednesday, despite industry concerns over the law harming privacy and innovation.

The final proposals will mean customer identity needs to be verified for even the smallest crypto transfers, if it’s between two regulated digital wallet providers – but payments to unhosted private wallets will largely be left out of laundering checks.

EU lawmakers and government reps have been meeting over the last three months to hash out a political deal on the bill, which was introduced in July 2021 by the European Commission.

Some important trustworthy sources told CoinDesk a deal had been reached on the legislation after just over an hour of talks.

More than that, it’s been just revealed that the EU lawmaker Ondřej Kovařík confirmed the provisional deal in a tweet, saying that it “strikes the right balance in mitigating risks for fighting money laundering in the crypto sector without preventing innovation and overburdening businesses.”

Outside the meeting room, Kovařík told CoinDesk that negotiators had found a “good balance” that would not prevent innovation.

“It will allow the further development of crypto in Europe,” Kovařík said.

Crypto bullish predictions

The bullish predictions about the price of Ethereum and other important coins are out, despite the market massive volatility. Check out the latest predictions here.

According to the latest reports, the popular crypto analyst Michaël van de Poppe is predicting what might be in store for a trio of popular altcoins.

Van de Poppe said recently that the leading smart contract platform Ethereum (ETH) appears to have decent momentum after rallying back from monthly lows under $1,000 on June 18th and 19th.

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