The EU parliamentarians have announced the urgent need to develop innovative approaches to cryptocurrency regulations. This was highlighted in a report titled “Crypto-assets: Key developments, regulatory concerns, and responses,”. Members of the European parliament have solicited the development of a special Anti-money laundering task force that will curb the possibility of financial crimes using cryptocurrency. The lawmakers in the EU have identified that criminal organizations can invest illicit funds in big datacenters on mining cryptocurrency which forms a regulatory blind spot. The group now calls for a need to devise a unique strategy that will counter this kind of money laundering schemes.
Crypto regulations have become a serious focus point, and various financial regulators including Financial Task Force have advised EU countries to develop a highly effective measure to fight money laundering relating crypto-currency. Many of these nations already adopted the fifth anti-money laundering directive (AMLD5) but some small and medium-size crypto-companies have raised alarm about the increased cost of compliance that came with the directive.
