TechFlow news: The European Parliament has passed new regulations that include enhanced "due diligence measures and checks on customer identity" for so-called crypto asset managers. They will also be required to report suspicious activities to authorities in order to combat money laundering.
Patrick Hansen, Circle's Director of EU Strategy and Policy, said the new bill has been approved and is expected to take effect in three years.
According to previous reporting by The Block, the new law will impact crypto asset service providers (CASPs), such as centralized crypto exchanges, as well as a range of other entities including gambling services.
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