IDnow joins consortium aimed at making crypto assets compliant with new EU regulations
MUNICH, Feb. 13, 2024 /PRNewswire/ -- IDnow, a leading identity verification platform provider in Europe, joins a consortium of five partners including the IOTA Foundation, walt.id, SPYCE.5, and Bloom Labs with the goal of making Crypto Asset Service Providers (CASPs) and self-hosted wallets compliant with the European Anti-Money-Laundering Regulation and the Transfer of Funds Regulation (TFR).
- Additionally, the new AML Regulation will require all CASPs to comply with similar AML rules as other financial institutions.
- However, to comply with the new regulations, CASPs need to know with whom they are doing business and continuously verify this information.
- "We are excited to be part of this forward-thinking consortium alongside highly esteemed crypto asset industry players to address a pressing need for crypto wallet solutions that comply with the latest EU regulations.
- "We're proud to be part of this groundbreaking consortium, leveraging SPYCE.5's hybrid chain architecture to navigate the complex landscape of EU regulations.