Crypto laws around Europe are about to tighten up: here’s what to expect and why Malta may struggle

Quick Take

  • New, tougher AML and KYC laws are set to sweep Europe over the next 4 months, putting local crypto exchanges and custodians’ compliance closer in line with banks’
  • The European Parliament passed the mandate in 2018, but the time has come for lawmakers to start implementing it domestically; with a deadline set for January 2020
  • While many jurisdictions and exchanges were already in line with the rules, there could be major implications for the likes of Malta and other so-called “lenient” regions hoping to prompt greater privacy thresholds. Smaller exchanges will also need to invest in playing compliance catch-up.
Bear with me. We’ve got to talk policy for a minute. Actually, four minutes.  The focus this time is the European Union’s crypto directive, known under the enviably catchy abbreviation of AMLD5 (anti-money laundering directive 5). Admittedly, it might sound bland, but it’s the single most important, continent-wide piece of legislation concerning crypto to date. […]

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