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The European Council and Parliament have provisionally agreed on stricter regulations for cryptocurrency firms to enhance anti-money laundering measures in the sector. The European Council and Parliament have agreed on new rules that will make cryptocurrency firms follow stricter guidelines. These rules are part of the anti-money laundering efforts and were announced on Thursday. Crypto firms will now have to check their customers more closely, particularly on transactions of €1,000 or, $1,090, or more. The aim is to make sure crypto currencies aren’t used for illegal activities. The rules also have a special focus on self-hosted wallets, which are managed by the users themselves, not a company. This agreement isn’t final yet. It needs to be approved by the European Parliament. Once approved, the Council and Parliament have to adopt it officially, then the rules will be published and start to apply. You might also like: Former US president Trump proposes ban on...

The IRS proposed the new crypto tax reporting rules in August earlier this year and if approved the new crypto tax regime will come into effect from January 2026. Coinbase crypto exchange chief legal officer Paul Singh Grewal called upon the crypto community to join the movement against the United States Treasury’s proposed tax reporting regulations on crypto currencies. Grewal urged the community to oppose the proposed regulations as it could set a dangerous precedent for surveillance. Grewal took to X (formerly Twitter) to address the concerns associated with the proposed crypto tax reporting rules and claimed that the proposed regulations go beyond the congressional mandate to establish tax reporting rules. He added that if the proposed regulations become a law, it would put the “digital assets at a disadvantage and threaten to harm a nascent industry when it's just getting started. “ Everyone who cares about fairness and supports American innovation should chime in on Tre...