The European Union has reached a provisional deal on a comprehensive regulatory package to combat money laundering and terrorist financing. The new regulations will require all cryptocurrency firms to verify customer information and report suspicious activity. They also include the creation of a single rulebook and a supervisory authority that will streamline anti-money laundering efforts across all sectors, including crypto. Transactions of €1,000 or more involving cryptocurrency will trigger mandatory due diligence checks. The regulations will affect entities such as financial institutions, banks, real estate agencies, asset management services, casinos, and merchants. The agreement is part of the EU’s new anti-money laundering system and aims to prevent fraud, organized crime, and terrorists from using the financial system to legitimize their proceeds. Finance Ministers from the EU’s 27 member states, along with representatives from the European Parliament and Council, have unanimously agreed on measures requiring crypto firms to apply customer due diligence measures for transactions amounting to €1,000 or more. It remains to be seen how these new regulations will impact the market and how businesses and individuals will adapt to them.