Both national governments and European agencies are embracing the cryptocurrency sector, not only to make money from it (taxation), but also by designating them as gatekeepers, in the same way as banks. The question is whether the cryptocurrency sector is justified in being taken so seriously.

The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) published the press release ‘AMLA expects high standards against financial crime in crypto sector’ (also as pdf). From the release:

With the launch of its powers and responsibilities on 1 July 2025, AMLA expects firms engaging in crypto asset activities to have in place strong protections against money laundering and terrorist financing. (…)

AMLA recognizes that CASPs are exposed to significant money laundering and terrorist financing (ML/TF) risks due to their technological features, cross-border operations, and anonymity-enhancing capabilities. The Markets in Crypto-Assets Regulation (MiCA) is now in effect and requires CASPs to get a MiCA licence to provide their services in the EU. Several authorisations have already been issued including for some of the larger crypto companies. AMLA expects that the number of licenced CASPs will continue to increase considerably.

In its recently published Work Programme 2025, AMLA has announced the strategic objective to prevent ML/TF threats and to promote a level playing field across the EU, including for crypto-asset service sector. Following the risk-based approach, AMLA places a strong emphasis on CASPS providing services across the EU to implement anti-money laundering and countering the financing of terrorism (AML/CFT) standards consistently.

According to MICA and the European AML Framework the initial licensing and supervision of CASPs remain under the remit of national competent authorities (NCAs). There is a risk of diverging application of AML/CFT requirements and inconsistent controls. As part of its role in indirect supervision of the financial sector, AMLA expects licencing and supervisory authorities to ensure that CASPs have effective AML/CFT systems in place from day one of their authorisation.
By working closely with national supervisors and European authorities, AMLA will develop plans to promote high standards of AML/CFT controls to reach that goal. In parallel, AMLA’s financial intelligence pillar will reflect this priority by including crypto-asset related financial intelligence within the initial areas proposed for joint analyses, targeting cross-border typologies and emerging risks in this fast-evolving domain.