EU's fifth anti-money laundering directive has officially entered into force, and crypto companies will be required to implement corresponding KYC procedures

The EU's 5th Anti-Money Laundering Directive (5AMLD) has entered into force on January 10, local European time. Cryptocurrency projects in EU countries must implement corresponding KYC procedures to achieve anti-money laundering (AML) and combat terrorism financing (CFT). The decree has affected many cryptocurrency projects. Three cryptocurrency projects, including Bottle Pay, have ceased operations due to unwillingness to collect additional personal information. The Dutch-based cryptocurrency derivatives trading platform Deribit announced that it will withdraw from the Netherlands. It will be transferred to its Panama subsidiary. There are also projects actively embracing the decree. For example, Bitpanda, an old cryptocurrency investment platform based in Europe, stated in an email to users that it has fully complied with the requirements of AMLD5.