EU officials to create a new regulatory body AMLAWho will be entrusted with direct oversight of the crypto business? The Block, this is stated in the EU’s sixth anti-money laundering directive (AMLD6).

The European Commission presented the relevant bill on 20 July 2022. Earlier, the Council of Europe published its own version.

The European Parliament will consider AMLD6 after the August holidays. Second, as soon as they approve their version of the bill, the three bodies will engage in a so-called trilogy to finalize their provisions.

The publication believes that the creation of AMLA, which is at the heart of AMLD6, will cause the least amount of controversy. Implementation, including staffing, will take years.

In the Council of Europe and European Commission versions, the Anti-Money Laundering Authority will at least directly control “high-risk” crypto firms.

“An EU-level body would have the power to directly supervise certain financial institutions and indirectly supervise/co-ordinate other similar institutions. It will also play a bridge role in the regulation of the non-financial sector.” Block explained.

According to the publication, the emergence of a supranational structure will be a big step forward for the EU. Previous AMLDs, particularly the fourths and fifths in 2015 and 2018, set standards for member states to collect and report certain data, such as the usufruct of companies.

Created records are a good example of different edits. Even among countries that provide free access to corporate information, data varies widely.

This kind of opacity, in particular, has allowed Binance to inform potential customers for several years about the approval of Maltese regulators for the provision of cryptocurrency services.

AMLD5 determined that member states should treat crypto exchanges like financial institutions. The decision is left to the discretion of the Member States. General reporting requirements did not form the basis for the creation of a single regulator.

Recall that in early July, the Council of the European Union and the European Parliament tentatively agreed on the provisions of the draft law on the regulation of cryptocurrencies. Mica. It explains the rules that apply to issuers of unsecured cryptoassets, stablecoins, trading and custody platforms.

Later, members of the European Green Party and Socialists proposed to spread the standards. AML/CFT– procedures for decentralized organizations, DeFi platforms and NFT platforms.

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