As we reported earlier today, individual freedoms continue to be attacked. The latest moves come in the crypto space and we suggest that you check out what just happened.

New rules involving the protection against money laundering

According to the latest reports coming from CoinDesk, the European Union (EU) finally agreed on landmark anti-money laundering rules for crypto transactions Wednesday, despite industry concerns over the law harming privacy and innovation.

The final proposals will mean customer identity needs to be verified for even the smallest crypto transfers, if it’s between two regulated digital wallet providers – but payments to unhosted private wallets will largely be left out of laundering checks.

Check out the following thread in order to learn more official details.

This “council” just took away individual freedoms in the name of preventing “money laundering”

Congrats on this, seriously https://t.co/e73GQ1fFrl

— sassal.eth 🦇🔊🐼 (@sassal0x) June 30, 2022

The thread continued ad noted the following:

2/12 All crypto-asset service provider become obliged entities under AMLD. Crypto-ATMs are captured by the rules. The travel rule for crypto will apply to all transactions from/to CASPs from the first euro.

— Ernest Urtasun (@ernesturtasun) June 29, 2022

More than that, it’s been also revealed: “7/12 CASPs will be required to adopt internal policies, procedures and controls to ensure compliance with targeted financial sanctions. This is very relevant as Russian oligarchs use crypto to circumvent EU and international sanctions.”

Also, “New risk-mitigation measures will be in place: CASPs will be required to perform enhanced due diligence before establishing a business relationship with CASPs operating in third countries. Specific enhanced due diligence will apply to unregistered and unlicensed entities.”

We suggest that you check out the complete thread in order to learn all the available details. Stay tuned for more news and make sure to check out the market as well.

The post Individual Freedoms To Become History In The Name Of “Money Laundering” first appeared on CryptoGazette - Cryptocurrency News.