European Union anti-money laundering bill passes final vote

The European Parliament voted on Wednesday to pass a series of laws aimed, in part, at strengthening "due diligence measures and checks on the identity of customers", including so-called crypto asset managers. They must also report suspicious activity to authorities. The new laws will affect crypto asset service providers (CASPs), such as centralized crypto exchanges, as well as a variety of other institutions, including gambling services.
Patrick Hansen, director of European Union strategy and policy at Circle, said in a post on X that the vote was expected. "The package will be formally adopted by the European Union Council and will be implemented in three years," he said.