• About Us
  • Contact
Wednesday, March 22, 2023
No Result
View All Result
NEWSLETTER
The Business Wiz
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
No Result
View All Result
The Business Wiz
No Result
View All Result
Home Featured News

EU backs crypto anti-money laundering rules

by Web Admin
30/06/2022
in Featured News
0
EU backs crypto anti-money laundering rules
Share on FacebookShare on Twitter

European Union negotiators on Wednesday reached a provisional agreement on anti-money laundering rules for cryptocurrencies that would spur crypto firms to check their customers’ identities, in the latest regulatory tightening of the freewheeling sector.

The new rules will enable law enforcement officials to be able to link certain transfers to criminal activities and identify the real person behind those transactions. Photo courtesy of the internet.

The rules, opposed by major U.S. exchange Coinbase Global Inc, would also require crypto firms to report suspicious transactions to regulators to help crack down on dirty money, the European Parliament and Council said in a statement on Wednesday.

Coinbase did not immediately respond to a request for comment.

Regulation of the $2.1 trillion crypto sector remains patchy across the world.

Once written, the rules require approval by several bodies to take effect. The oversight would ensure that crypto assets can be traced in the same way as traditional money transfers, the statement added.

“The new rules will enable law enforcement officials to be able to link certain transfers to criminal activities and identify the real person behind those transactions,” said Ernest Urtasun, a Spanish Green Party lawmaker, who helped to steer the measure through the European parliament.

In a letter seen by Reuters sent to 27 EU finance ministers on April 13, crypto businesses asked policymakers to ensure their regulations did not go beyond existing rules under the global Financial Action Task Force (FATF), which sets standards for combating money laundering.

On Wednesday, the European Parliament and Council said the proposed rules would also cover ‘unhosted’ crypto wallets, held by individuals and not managed by a licensed crypto exchange, for transactions exceeding 1,000 euros ($1,044.20) with service providers.

Source: Reuters

Web Admin

Web Admin

Next Post
CRDB Bank pays 36bn/- dividend to Government

CRDB Bank pays 36bn/- dividend to Government

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Exchange Rate

Exchange Rate USD: Wed, 22 Mar.

Recommended

Institutional investor Arise B.V buys additional stake in Equity Bank

Institutional investor Arise B.V buys additional stake in Equity Bank

9 months ago
MIGA guarantees over $7 billion foreign investments to African countries

MIGA guarantees over $7 billion foreign investments to African countries

6 months ago

Popular News

    News

    Get latest news from us.


    SUBSCRIBE

    Category

    • Agriculture
    • Aviation
    • Banking
    • Commodities
    • Construction
    • CSR
    • Currency
    • Economic
    • Energy
    • Featured News
    • Financial Services
    • Information Technology
    • Infrastructure
    • Investment
    • Jobs
    • Manufacturing
    • Markets
    • Mining
    • Others
    • Q&A Interviews
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation

    About us

    The Business Wiz (TBW) is Tanzania’s premier one-stop online platform providing in-depth, accurate and timely business news, analysis, commentary and online business information portals and research.

    • About Us
    • Contact

    © 2022 The Business Wiz

    No Result
    View All Result
    • Home
    • Featured News
    • Economic
      • Currency
    • Investment
    • Markets
      • Stock Market
    • Sectors
      • Agriculture
      • Commodities
        • Markets
      • Construction
      • Energy
      • Financial Services
      • Information Technology
      • Infrastructure
      • Manufacturing
      • Markets
      • Mining
      • Real estate
      • Telecomunication
      • Tourism
      • Transportation

    © 2022 The Business Wiz

    en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanit Italianru Russianes Spanishsw Swahili