As per the provisional agreement struck between the European Union Council and Parliament, crypto asset service providers will be obliged to verify facts and information on users whose transactions exceed $1,090. According to the Belgian Finance Minister, the new requirements will “ensure that fraudsters, organised crime and terrorists will have no space left for legitimising their proceeds through the financial system.”
New Measures Mitigate Risks Associated with Self-Hosted Wallets
According to a provisional agreement between the European Union (EU) Council and Parliament, crypto asset service providers (CASPs) will now feature in the list of obliged entities that are required to “conduct due diligence on their customers.” This means CASPs need to verify facts and information on users whose transactions exceed $1,090 or €1000.
In its Jan. 18 statement, the Council of the EU claimed that the due diligence, which also includes reporting suspicious activity, “adds measures t
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