Barcelona, Spain, June 18th, 2024,
Chainwire
Cryptocurrency money laundering in Europe has been a growing
concern for regulatory authorities over the past several years.
Indeed, cryptocurrencies have quickly become an attractive tool for
money launderers, partly because of their pseudonymous nature and
lack of regulations.
While the total cryptocurrency laundered worldwide has gone from
$31,5B in 2022 to $22,2B in 2023, this issue remains a highly
sensitive topic in Europe, which is prominent in the global flow of
illicit cryptocurrency transactions.
In response to this alarming trend, the European Parliament has
adopted the Anti-Money Laundering Package, alongside the Markets in
Crypto-Assets (MiCA), which will significantly enhance transparency
and security within the sector.
But according to Money Laundering Reporting Officer at Venga, Barbara Ippolito, Europe’s new bold
cryptocurrency could potentially reshape the whole crypto
landscape.
“The European Anti-Money
Laundering Package adopted by the Council on May 30th and the
Markets in Crypto-Assets (MiCA) regulations, are a game-changer for
the cryptocurrency industry. These measures enhance transparency
and security, aligning the sector with traditional finance and
global AML standards”, Barbara, MLRO at Venga says.
“Among the long-expected and discussed changes present in the
regulation, what is particularly interesting for the crypto space
is a more detailed treatment of obligations related to
cryptocurrency.
By introducing rigorous due diligence requirements for
Crypto-Asset Service Providers (CASPs) under MiCA, Europe is
setting a new benchmark for regulatory clarity in the digital
assets space. This framework not only aligns with the Financial
Action Task Force’s (FATF) standards but also mandates transparency
by eliminating anonymous accounts.
Such steps are crucial for legitimizing the industry and
boosting investor confidence, signaling a maturing sector ready to
integrate with established financial systems.”
“While some fear these regulations could stifle innovation, the
reality is that a structured and compliant environment can foster
sustainable growth. By providing a clear regulatory framework, the
European AML package ensures that businesses can innovate within a
secure and predictable landscape, ultimately benefiting the broader
financial ecosystem.
For crypto-asset businesses, adapting to these regulations will
be key to thriving in Europe’s new financial landscape. Companies
should invest in compliance and educational initiatives to
understand and navigate these changes effectively. This will not
only ensure adherence to the regulations but also position them as
leaders in a rapidly evolving market.
As Europe pioneers these transformative regulations, the crypto
sector stands on the brink of a significant evolution. By aligning
with these standards, businesses can contribute to a safer, more
inclusive digital economy. This regulatory clarity is not just a
challenge but a golden opportunity for innovation and growth in the
crypto space.
By embracing these changes, the cryptocurrency industry in
Europe is poised to lead the way in building a resilient and
trustworthy digital financial future."
Further information about Barbara and
Venga can be found below in the notes to the editor.
Notes to the
editor:
About Barbara
Barbara Ippolito, the accomplished
Money Laundering Reporting and Compliance Officer at Venga has a
robust background in the crypto industry. She began her career as a
trader and transitioned to compliance in March 2019 at Binfinity,
where she spent three years in Operations. In January 2022, Barbara
joined Binance and excelled in various roles including KYC/EDD,
Transactions Monitoring, SAR, and Sanctions investigations,
ultimately thriving in the Intelligence team. Now, at Venga,
Barbara ensures our compliance programs meet all international and
local regulations, with a dedicated mission to keep the Venga app a
safe haven for users.
About Venga
Venga is a cryptocurrency app that
focuses on bridging decentralized blockchain technologies with
traditional finance. Their mission is to provide the best user
experience, the most powerful technology, the strongest security,
and ultimately, the most robust app. Venga has a regulation-first
approach and seeks to be regulated and compliant in all the
jurisdictions in which it operates. Venga has an exciting future
ahead, with the development of Venga Tokenomics and the launch of
Venga Token in the pipeline.
Contact
Ms
Leah
Daly
Minty
leah.daly@mintydigital.com