The European Commission has been working on a comprehensive legislative and regulatory framework for all cryptoassets since 2019. One of the outcomes from this work is the proposed Markets in Crypto-assets Regulation (MiCA) which is expected to be published in September 2020. From the draft seen by XReg, it is clear that its scope is extensive and that its effect will be profound, not only in the European Economic Area (EU plus Iceland, Liechtenstein and Norway) but throughout the world. No stone has been left unturned. All cryptoassets and cryptoasset activities will be caught by the new legislation when it…

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Virtual asset businesses in the UK must comply with anti-money laundering regulations, as the UK joins a growing list of countries aligning with global FATF Recommendations

As from 10 January 2020, virtual asset (cryptoasset in the UK) businesses operating in the UK, must comply with national anti-money laundering and counter-terrorism financing (AML/CTF) Regulations.

The EU’s Fifth Anti-Money Laundering Directive (5AMLD) will strengthen the requirements that EU Member States must adopt to combat money laundering and terrorist financing. One of the fundamental changes is the inclusion of certain virtual asset-related activities. …

Siân Jones

Senior Partner at XReg Consulting; former Senior Advisor on DLT at the Gibraltar Financial Services

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