EU member states must ensure transposition of the 5th Anti-Money Laundering Directive (5th AMLD) is clear and consistent with regard to cryptocurrency firms, according to a report commissioned by the European Parliament.
The report, which was published on Monday, was carried out at the behest of the Parliament’s special committee on terrorism and specifically addressed the emergence of the likes of Bitcoin and Ethereum.
The directive will bring two categories of business - cryptocurrency exchanges and custodian wallet providers - within EU regulatory oversight for the first time. It is currently expected to take effect in late 2019 or early 2020.
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