EU anti-money laundering bill passes final vote

The European Parliament voted on Wednesday to pass a series of laws, some of which aim to enhance "due diligence measures and checks on customer identity", including so-called encrypted asset managers. They must also report suspicious activity to authorities. The new law will affect encrypted asset service providers (CASPs), such as centralized encrypted exchanges, as well as various other institutions including gambling services. Patrick Hansen, Circle's Director of EU Strategy and Policy, stated in a post on X that the vote was expected and the bill will be formally adopted by the EU Council and implemented in three years.