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Others

European Parliament Approves New Crypto Regulations to Combat Money Laundering

Monday 10 de June 2024 / 12:00

2 minutos de lectura

(France).-The European Parliament has approved new regulations for cryptocurrency agencies, requiring them to conduct due diligence to combat money laundering.

European Parliament Approves New Crypto Regulations to Combat Money Laundering

These new rules apply to all crypto-asset service providers (CASPs) under the new Markets in Crypto-Assets (MiCA) law

Cryptocurrency exchanges in the European Union must adhere to the new rules, which contain due diligence standards. Services like exchanging crypto for fiat and providing custody wallets will now take a new approach due to rapid technological developments and advancements in FATF (Financial Action Task Force) standards. Interestingly, the new rules also affect gambling service providers. All operators in the region, including casinos accepting UK players not connected to GamStop, which often use crypto, must now enforce new due diligence measures to be on the right side of the law.

An image posted on X (formerly Twitter) by Patrick Hansen, Circle’s EU Strategy and Policy Director, contains a screenshot with details of the new law. In a thread, Hansen explains that CASPs will not be allowed to offer services to anonymous accounts, a rule already enforced by existing anti-money laundering (AML) laws. MiCA also prohibits cryptocurrencies that are inherently anonymous.

The new rules for due diligence will be enforced under a new agency called the Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA), headquartered in Frankfurt, Germany. Although the law has not yet been formally adopted, the AMLA will be fully responsible for enforcement and supervision.

The new rules governing the use of digital assets in the European Union are essential to sanitize the sector and provide clarity to the industry. Interestingly, these laws are generally becoming bullish for the crypto sector and attracting traditional institutions. In a recent interview, the Deputy Chief Executive Officer of the crypto exchange and trading app Bitpanda highlighted the gradual entrance of traditional financial institutions into the crypto industry. According to Lukas Enzersdorfer-Konrad, the upcoming MiCA regulation provides a lot of clarity for these institutions interested in crypto. Enzersdorfer-Konrad also noted that the companies want to partner with crypto service providers that already have the required technical knowledge.

The Bitpanda CEO noted that Raiffeisen, the largest community banking group in Austria, announced retail crypto services for customers last year. Collaborating with Bitpanda, Raiffeisen will allow customers to enjoy services tied to commodities, exchange-traded funds (ETFs), stocks, and precious metals.

Bitpanda has also partnered with Landesbank Baden-Württemberg (LBBW), Germany’s largest federal bank, to create crypto custody offerings for institutional clients sometime in the second half of 2024, due to increasing demand from customers. According to the Bitpanda CEO, banks of all sizes across Europe are now looking into crypto use cases and trying to partner with established service providers.

The newfound interest in crypto has spread to schools. Binance Academy, the crypto learning arm of major crypto exchange Binance, recently announced a partnership with educational institutions in Europe. The aim is to introduce accredited university courses into these schools and teach students about blockchain technology, digital assets, and Web3 in general.

Institutions already partnered with Binance Academy include the European Business Institute (EBI) in Luxembourg, ESCP Business School, and Prague University of Economics and Business (VŠE). The course will range from the basics of cryptocurrencies, such as Bitcoin (BTC) and Ether (ETH), to advanced topics like blockchain application in finance, healthcare, supply chain, and other industries. The teachings are geared at exposing students to the diverse world of cryptocurrencies and blockchain technology and possibly expanding adoption to more niche sectors like online gambling, voting, and blockchain gaming.

Categoría:Others

Tags: Sin tags

País: France

Región: EMEA

Event

Peru Gaming Show 2025

18 de June 2025

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(Lima, SoloAzar Exclusive).- Facephi is consolidating its position as a strategic partner for responsible online gaming in Peru, presenting advanced identity verification, fraud prevention, and regulatory compliance solutions at PGS 2025, adapted to an increasingly digital and demanding ecosystem. In this interview, Bruno Rafael Rivadeneyra Sánchez, the firm's Identity Solutions Senior Manager, explores how its technology is redefining gaming security standards, with a preventative, seamless, and 100% regional approach.

Friday 18 Jul 2025 / 12:00

From PGS 2025, Win Systems Redoubles its Commitment to Peru: Innovation, Proximity, and Regional Expansion

(Lima, SoloAzar Exclusive).- In a revealing interview, Galy Olazo, Country Manager of Win Systems in Peru, analyzes the company's strategic role in one of the most thriving markets in the region. Its participation in the PGS 2025 trade show not only left its mark with its technological advances, such as the new Gold Club Colors electronic roulette wheels and the WIGOS management system, but also reaffirmed its commitment to the transformation of the sector and its consolidation in Latin America.

Tuesday 15 Jul 2025 / 12:00

Key debate during PGS 2025: Enforcement: Process to ensure compliance (laws, norms, rules)

(Lima, SoloAzar Exclusive).- During the 2025 edition of the Peru Gaming Show, the conference ‘Enforcement: Process to ensure compliance (laws, norms, rules)’ took place, with an international panel of professionals who debated about the current challenges to combat illegal gaming and guarantee the application of the laws in the sector, both in Peru and in the Latam region.

Monday 14 Jul 2025 / 12:00

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