Representatives of the European Union (EU) Council and European Parliament agreed on Thursday on the location of the headquarters of a new European authority for anti-money laundering and terrorist financing, deciding that the organization AMLA will be based in Frankfurt. , germany.
AMLA, which will oversee the cryptocurrency sector, will have more than 400 employees and is expected to begin operations in the middle of next year. press release Announced yesterday, the organization is labeled as “central to reforming the EU’s anti-money laundering framework”.
But Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and Capital Markets Union said At a press conference, authorities said they were ready to start work as early as Friday morning.
“We are mitigating the risks associated with large sums of money by limiting cash payments to €10,000 across the EU,” McGuinness added. “At the same time, we are addressing the risks posed by cryptocurrencies and the anonymity they enable.” .”
AMLA’s choice of default location follows last year’s amendments to the EU’s “Funds Transfer Rules” that allow for the tracking of cryptocurrency transactions. This block has also received a lot of attention recently. Marketplace for Cryptocurrency Assets (MiCA) Framework.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.