Yesterday the EU Council announced a provisional agreement with the EU Parliament on parts of the anti-money laundering (AML) package that impacts cryptocurrencies. The European Union has a complex process for passing legislation that involves coordination between the Commission, Parliament, and the EU Council, representing individual state governments.
Last March, the EU Parliament passed a first vote on three pieces of legislation requiring crypto-asset service providers (CASP) to apply the same rules as banks to verify the identity and data about their customers. This impacts transactions of more than €1,000. However, the 2023 text also included NFT platforms and Decentralized Autonomous Organizations (DAOs). That has been dropped. We hope to add further details on self hosted wallets.
We held back on reporting the latest news until we had copies of the relevant clauses.
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