Veriscope — Weekly Regulatory Recap

A quick review of past week’s most important news and updates on crypto regulation.

European Union may Remove the €1000 Threshold for Implementation of FATF’s Travel Rule

The EU parliament is currently discussing the proposal to remove the €1,000 threshold set by FATF for the Travel Rule to kick in. If the proposal receives green light from the EU parliament, virtually all crypto transactions will have to go through the Travel Rule scanner, no matter the amount.

A Fall-out of Terra-Luna Fiasco: South Korea to Form a new Regulatory Body for Digital Assets

South Korea will launch a regulatory body to oversee the nascent digital asset sector in the country. Recent reports indicate that the South Korean government is fast-tracking the launch of a crypto regulatory body because of the Terra-Luna debacle that led to investors losing millions of dollars.

European Council & Parliament Come to an Agreement on Digital Operational Resilience Act

The European Council issued a press release on 11th May 2022, announcing that it has come into a provisional agreement with the European Parliament on Digital Operational Resilience Act.

European Financial regulatory Bodies Call for “License Revocation” of Crypto Exchanges Violating AML Rules

Three European Financial bodies, namely European Banking Authority, European Insurance and Occupational Pension Authority, and European Securities and Markets Authority, recently published a 73-page report titled “On the withdrawal of authorization for serious breaches of AML/CFT rules.”



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