Fun

EU crypto AML authority to establish HQ in Frankfurt

News Feed - 2024-02-23 06:02:03

David Attlee14 hours agoEU crypto AML authority to establish HQ in FrankfurtThe Anti-Money Laundering Authority will start its work by mid-2025.5151 Total views7 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe European Union’s new Anti-Money Laundering Authority (AMLA) will be headquartered in Frankfurt, the financial capital of Germany. The oversight body will start its work by mid-2025. 


The AMLA will have the authority to supervise “high-risk and cross-border financial entities” — including crypto firms — if they operate across borders or are considered high-risk. It will coordinate its oversight activities with financial intelligence units and regulators in other EU countries.


In a Feb. 22 press release from the Council of the EU and the European Council, Frankfurt was revealed as the city of choice for the new agency’s headquarters. The European Central Bank is also located in the city. The shortlist of alternative locations included Brussels, Dublin, Madrid, Paris, Rome, Riga, Vilnius and Vienna.


The AMLA’s general board will comprise representatives from regulators and financial intelligence units of all EU member states, while the governing body — the executive board — will include the chair and five independent full-time members.


Related: EU remains skeptical of crypto investments despite Bitcoin ETF fever — VanEck Europe CEO


The first comprehensive EU crypto framework, the Markets in Crypto-Assets (MiCA), came into force in June 2023, but the application of rules governing “asset-referenced tokens” and “e-money tokens,” which largely fall under the umbrella of stablecoins, is expected to take effect in June 2024. The rules for “crypto-asset service providers,” which include trading platforms, wallet providers and cryptocurrency exchanges and services, will take effect in December 2024.


Meanwhile, the EU has been busy crafting regulations on the use of artificial intelligence (AI). On Feb. 13, the European Parliament’s Internal Market and Civil Liberties Committees approved the preliminary agreement on the European AI Act, the world’s first AI-focused legislation.


The EU AI Act aims to establish safeguards, including copyright protection for creators, in response to generative AI models. It also prohibits AI applications that pose a threat to citizens’ rights, like biometric categorization and social scoring. The first parliamentary vote on the AI Act is scheduled for April 2024.


Magazine: ‘Crypto is inevitable’ so we went ‘all in’: Meet Vance Spencer, permabull# Europe# ECB# Euro# AI# European Union# Frankfurt# RegulationAdd reactionAdd reactionRead moreProsecutors request Changpeng Zhao surrender all passports ahead of sentencingThai SEC proposes to revoke license of troubled exchange ZipmexFormer FTX exec Ryan Salame to be sentenced on May 1

News Feed

Biggest Movers: XMR Nears 6-Week High, as LINK Falls Near a Resistance Level
Biggest Movers: XMR Nears 6-Week High, as LINK Falls Near a Resistance Level Monero climbed for a third consecutive session on Thursday, as the token moved marginally closer to a
Major Dutch Football Club PSV Hodls Bitcoin — Sponsorship to Be Paid Entirely in BTC
Major Dutch Football Club PSV Hodls Bitcoin — Sponsorship to Be Paid Entirely in BTC Major Dutch football club PSV has signed a partnership deal with a crypto
Pandemic Drove Adoption but Information Dissemination Just as Important: Kenya-Based Blockchain Advocate
Pandemic Drove Adoption but Information Dissemination Just as Important: Kenya-Based Blockchain Advocate The adoption of blockchain technology and the use of cryptocurrencies by pe
Bitcoin trading volume recorded post-halving ATH as crypto market bled
Arijit Sarkar1 hour agoBitcoin trading volume recorded post-halving ATH as crypto market bledBitcoin trading volumes reached unprecedented levels amid the market turmoil, while crypto hackers capitalized on discounted Et
Bitcoin users spend record $2.4M in fees on halving block
Tom Mitchelhill6 hours agoBitcoin users spend record $2.4M in fees on halving blockThe 2024 halving block has gone down as the most expensive block ever mined in Bitcoin’s history — with users scrambling to inscribe
South Korea looks to upgrade status of crypto crime unit
Derek Andersen4 hours agoSouth Korea looks to upgrade status of crypto crime unitThe temporary unit is reportedly being transformed into a permanent department as enforcement actions rise dramatically in South Korea.966
ASX sued over prior statements about its now-abandoned blockchain project
Jesse Coghlan4 hours agoASX sued over prior statements about its now-abandoned blockchain projectThe Australian Securities and Investments Commission has sued the stock exchange for alleged “misleading statements” it
The Reported Number of Stolen BTC Drops by 92% as ‘Bitcoin Security Appears to Be Improving’
The Reported Number of Stolen BTC Drops by 92% as "Bitcoin Security Appears to Be Improving" The number of stolen bitcoins that were publicly reported in 2020 dr
Czhang Lin Explains the Investment Strategy of LBank Labs in Web3
Czhang Lin Explains the Investment Strategy of LBank Labs in Web3 LBank Labs is the venture capitalist and blockchain accelerator arm of global crypto exchange LBank.
Central Bank of Nigeria Orders Banks to Close Accounts of Crypto Clients
Central Bank of Nigeria Orders Banks to Close Accounts of Crypto Clients The Central Bank of Nigeria (CBN) has circulated a letter directing banks and financial
Visa Launches Bitcoin and Crypto Enabled Cards in Latam
Visa Launches Bitcoin and Crypto Enabled Cards in Latam Visa, one of the biggest payments companies in the world, has announced the launch of a series of crypto-enabled cards in pa
Bitcoin 'crazy tight' Bollinger Bands point to $190K BTC price target
William Suberg1 hour agoBitcoin "crazy tight" Bollinger Bands point to $190K BTC price targetBitcoin volatility cues have only been so skewed in bulls" favor twice in its history, analysis of the weekly BTC price chart c