New anti-money laundering regulation challenge crypto currencies

Even though crypto markets are currently under sale pressure, the virtual currencies are more attractive in a long term

The fifth European anti-money laundering regulation (AMLD5) has increased institutional interest in cryptocurrencies, Ulli Spanowski, the executive at the crypto trading subsidiary of Boerse Stuttgart, stated at the CryptoCompare London conference. He admitted that he had been himself surprised by the effect of AMLD.

“I didn’t see anything major happen as some banks and financial institutions could already do crypto trading. Yet, since the regulation came into force, there has been growing interest in crypto trading by some traditional players of financial market,” Spanowski said. AMLD5 regulation demands crypto companies based in the European Union to register with local regulators. Moreover, the companies must inform their clients on cryptocurrency environment and warn them about crypto trading risks.

Some crypto companies complied with the rules, yet some players moved abroad to leave the EU’s jurisdiction. They left for tax havens – Panama or British Virgin Islands.

author avatar
EditorialTeam
The Trader-Magazine.com EditorialTeam is a collective of certified financial analysts, active traders, and cryptocurrency experts. Our mission is to transform complex market data (forex, equities, indices) into accessible financial education. All content undergoes rigorous, multi-level fact-checking to ensure we deliver only accurate, objective information for your trading and investment decisions.

Top 10 financial instruments for 2022. What will their prospects be in 2023?

The year 2022 has brought countless surprises and obstacles...

Telegram scams: how they work and how to protect yourself

Telegram has become one of the most widely used...

Trump Saved TikTok from a Ban. The App in the U.S. Moves into American Hands

TikTok narrowly avoided a ban in the United States...

Gulf Brokers Ltd. Review

Comparing spreads, commissions, trading platforms, rules and reading dozens...

Climate Change Poses Major Risks to Financial Markets, Regulator Warns

WASHINGTON — A top financial regulator is opening a...

TSMC reports record quarterly revenue thanks to artificial intelligence boom

Taiwanese company Taiwan Semiconductor Manufacturing (TSMC), the world's largest...

Gold You Can Send in Seconds: Solonix.one Opens Regulated XAUT Custody

Physical gold has spent five thousand years being reliable...

Is the Amex Gold Card Worth It in 2026? Premium Cards Compared After Fee Hikes

The premium credit card market has changed quickly. Annual...

The dollar is slightly strengthening today, but remains near a four-decade low

The US dollar is strengthening today after declining over...

Following the Billionaires: Where Masayoshi Son and Justin Ishbia Are Investing in 2026

In investing, billionaires are often watched not because they...
spot_img

spot_imgspot_img