The European Union’s 5th Anti-Money Laundering Directive mandates that member states start regulating crypto assets by Jan. 10. Crypto exchanges and custodial wallet providers are now covered by the same regulatory requirements as banks and other financial institutions.

Also read: Regs Roundup: SEC Actions, Crypto Tax-Free in Korea, New Chinese Laws

EU’s Regulatory Deadline: Jan. 10

The 5th Anti-Money Laundering Directive (AMLD5), which amends the 4th Anti-Money Laundering Directive, extends the EU’s anti-money laundering and counter-terrorism financial rules to virtual currencies. The amendment was published in the Official Journal of the European Union on June 19, 2018, and mandates member states to transpose this directive by Jan. 10, 2020. The EU currently has 28 member countries.

The European Commission explained that “In the EU, credit institutions and other financial institutions are subject to obligations to apply CDD [customer due diligence] measures in accordance with Directive (EU) 2015/849 (AMLD4),”…

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Source: https://thebitcoinnews.com/eu-countries-commence-crypto-regulations-as-mandated-by-new-directive/