Six European countries led by Germany are, according to media reports. Working on the launchA new Anti-Money Laundering Authority (AML) will be established that includes the cryptocurrency market. Although details are scarce, it’s known that this initiative includes Germany, Spain Austria, Italy and Luxembourg. The group is working on “the remit and design” of a new international AML watchdog force that will have a particular emphasis on crypto, and the European Commission — the key executive institution of the European Union — will be the primary platform for the discussion. What will this move mean for the European cryptocurrency space?

The watchdog’s mandate

The new task force will aim to “cover the riskiest cross-border entities among banks, financial institutions and crypto assets service providers.” At the moment, the initiative still awaits official deliberation. Christian Toms, a partner in law firm Brown Rudnick’s litigation and arbitration practice group in London, noted to Cointelegraph:

Directive-based governance

Modifications in the regulatory landscape

The extreme scenario