European Parliament proposes to apply AML rules to NFTs, DeFi, and DAO
If the proposal is approved, the platforms will report to regulators on a par with banks
05.07.2022 - 09:40
519
2 min
0
What’s new? Members of the European Parliament have proposed amendments to the legislation under which NFT marketplaces, DeFi-platforms, and decentralized autonomous organizations (DAOs) should be made subject to anti-money laundering (AML) laws. According to Yahoo Finance, non-custodial crypto wallets also want to be included in this group. If the amendments are passed, platforms such as OpenSea will have to identify customers and check suspicious transactions.
What else is known about the initiative? The European Parliament has clarified that developers, owners, and operators of platforms must assess the risks of money laundering and terrorist financing before launching and take appropriate measures to eliminate them.
It is noted that the proposed regulatory measures were not included in the Markets in Crypto-Asset bill (MiCA) due to the opposition of the EU member states. The MiCA approval process between the European Parliament, the EU Council, European Commission, and the EU member state authorities was completed at the end of June.
Also in 2024, the EU will launch the Anti-Money Laundering Authority (AMLA). The AMLA will optimize regulatory rules in the financial and non-financial sectors, oversee cross-border organizations, and coordinate financial intelligence units. It will also receive a broad mandate to regulate the crypto market.
Useful material?
Market
Due to supply shortages, the asset’s pre-market exchange rate was climbing above $1000
Dec 16, 2024
Incidents
Reports about the hacking of the exchange with calls to withdraw assets began to spread on December 13
Dec 13, 2024
Crypto regulations
Stablecoins from issuer Circle will not be affected by the changes
Dec 12, 2024
Crypto regulations
The platform will launch after meeting the preconditions of the local exchange authority
Dec 9, 2024
Market
The $1,1 billion figure was reached after the bitcoin correction
Dec 6, 2024
Crypto regulations
By early January, all open positions and loans of local users will be closed and repaid automatically
Dec 5, 2024