a new supervisory body to supervise crypto-enterprises

L ‘European Union plans to give its future fight against money laundering and terrorist financing powers related to the monitoring of cryptocurrencies, according to “sources familiar with the matter.” This body was to be launched in 2024 and become fully operational two years later.

a new supervisory body to supervise crypto-enterprises

As part of the ongoing discussions on the relevant legislation, Germany is leading a group of states that want to make the inclusion of crypto-enterprises in the scope of the supervisory authority more explicit, according to an EU diplomat quoted by Bloomberg.

In addition to Germany, other countries are part of the group, including Austria, Italy, Luxembourg, Spain and the Netherlands.

The six member states seek to cover crypto service providers with the activities of the watchdog that is expected to be calledAuthority for Combating Money Laundering and Combating Terrorist Financing (Anti-Money Laundering and Terrorist Financing Authority, AMLA).

In the meantime, the proposal is from European Commissionas Brussels published last July, briefly refers to “virtual assets.”

“The Authority’s competences in the field of virtual assets are in line with the Digital Financing Package published by the Commission on 24 September 2020,” according to the proposal.

The changes to the legislation proposed by the group have not yet been formally discussed by the bloc’s member states, European Parliament plays a role in the process.

“It is important that the scope of the new EU authority explicitly includes cryptocurrencies, as this is one of the areas most vulnerable to money laundering,” he said. Luis Garicanoa European legislator from the Spanish Liberal Party Ciudadanos.

Meanwhile, adding to ongoing discussions, Jesse PowellCEO of Cryptocurrency Exchange crackand Sam Bankman-FriedExchange CEO FTXexchanged in a recent Twitter chat their perspectives on the relationship between regulators and their companies.

Bankman-Fried has tweeted that the relationships between the crypto industry and regulators “were not great” “for a long time”, and that “negative interactions and frustrations far outweighed productive discussions”, which led, among other things, to “a really negative impression” of crypto in Washington. “But things are starting to change, at least in the United States,” he said.

In response, Powell has commented that he could “understand that a newcomer could have that perspective,” added “no insult to him.” He argued that:

“We cryptoboomers who have been working with legislators, regulators and law enforcement since <2011 have a different perspective: we have worked together, worked very hard to pave the way from the beginning."

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