The EU moves on crypto regulation

Astra is designed to ensure that DeFi protocols and other crypto organizations can stick to the rules set out by regulators, not just in the US but also in Europe and the rest of the world.

The US Securities and Exchanges Commission (SEC) isn’t the only global regulator looking to crack down on crypto. While Europe’s announcements have gone under the radar slightly, several recent messages show in no unclear terms that cryptocurrencies will fall under the same types of regulation as fiat currencies.

On 20 July 2021, the European Commission presented proposals that aim to strengthen the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules. One of the proposals makes specific mention of the ability to trace transfers of crypto assets. Currently, only some categories of crypto-asset service providers fall within the scope of the EU’s AML and CFT rules. The proposed changes will require all service providers to conduct due diligence on their customers. The idea is that law and policymakers will have increased visibility on all crypto transactions and will be able to detect and prevent money laundering activities.

John Cusack, chair of the Global Coalition to Fight Financial Crime, says it is vital that money laundering protections encompass virtual currencies.

He continues,

Astra has been purposefully designed to bridge the gap between technological innovators and regulators. Astra is a fully decentralized platform that performs the required KYC, AML, and other compliance checks on behalf of lending and borrowing applications and other DeFi protocols. Our technology allows decentralized organizations to comply with rules set out by regulatory bodies worldwide without compromising the notion of decentralization. Using global experts operating from major legal and technology firms, we can ensure compliance in many different jurisdictions. We aim to create a financial world that protects investors and consumers, enabling innovative platforms to flourish.

The Astra Protocol

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