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AMLA warns crypto firms about AML strain after MiCA transition
AMLA chair Bruna Szego said post-MiCA customer migration could pressure EU crypto service providers’ onboarding and withdrawal controls, with an AMLA report due before year end.
The EU’s anti-money laundering authority, AMLA, warned that crypto firms may face heightened compliance risks as the bloc completes its shift to the Markets in Crypto-Assets Regulation licensing regime, according to Cointelegraph. AMLA chair Bruna Szego said mass user migration after the end of MiCA’s transitional period could strain virtual asset service providers, particularly if customers withdraw quickly. She added that firms winding down EU operations could also come under pressure, while licensed companies taking on new users may face onboarding challenges. MiCA’s 18-month transitional period ended July 1, requiring crypto asset service providers to hold licenses to continue serving EU customers. The European Securities and Markets Authority has said any crypto service providers that remained unauthorized by the deadline must take “immediate” steps to wind down their EU activities. Ahead of the July 1 deadline, AMLA published an advisory note focused on money laundering risks tied to the transitional period ending. Szego said AMLA will publish a report before the end of the year on AML risks and supervisory practices across the EU, and it is expanding its blockchain analytics capabilities to strengthen oversight of crypto-asset service providers.