Daily Flash | EU Parliament Secured Final Deal on Anti-Money Laundering Law for Crypto transfers

Today's Headline - EU Parliament Secured Final Deal on Anti-Money Laundering Legislation for Crypto Transfers

On Wednesday, The European Union agreed on landmark anti-money laundering rules for crypto transactions, in spite of concerns over the law harming privacy and innovation.

The final proposals will mean customer identity needs to be verified for all crypto transfers if it’s between two regulated digital wallet providers; payments to unhosted private wallets will mostly be excluded from laundering checks – those which are not managed by a regulated service provider like a licensed crypto exchange.

Earlier today, EU lawmaker Ondřej Kovařík confirmed the provisional deal in a tweet, saying:

“It strikes the right balance in mitigating risks for fighting money laundering in the crypto sector without preventing innovation and overburdening businesses.”

In March, lawmakers said they wanted to substantially expand the jurisdiction of the bill by including transactions with unhosted digital wallets and to have transaction details reported to the authorities regardless of risk.

Chart of the Day - Shrimps, Whales, and Miners: Glassnode Report

Within the extremely challenging Bitcoin market conditions of mostly 2022, data from June is showing accumulations among shrimps and whales - those with less than 1 BTC and more than 1k BTC.

Shrimps are adding at 36.75k BTC/month which is 0.2% of the circulating supply, and 1.36x monthly issuance.

Whales are also adding to their balance aggressively, acquiring 140k $BTC/month directly from exchanges.

Finally, Bitcoin miners, who have been under immense income stress of late are distributing 3k-4k $BTC/mth.

Influencer of the Day - Cathie Wood warns U.S. is already in a recession

Ark Invest CEO Cathie Wood admitted during a Tuesday interview with CNBC that she had dramatically underestimated the severity of inflation — before claiming that the U.S. economy is likely already in a recession.

Wood explained that supply-chain issues had led major retailers to mismanage their inventories, leading to a glut of certain finished goods, like furniture, that was in high demand during the pandemic. Even “the best-managed companies in the world” are having problems she said.

Buzzes of Yesterday - #MicroStrategy bought 480 more Bitcoin, #MakerDAO considered $500M US treasury bills investment

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MicroStrategy scoops up 480 Bitcoin amid market slump

Frequency: Polkadot’s New Decentralized Social Media Parachain

Cosmos Hub Set To Introduce 'Interchain Security' Within Three Months

Maker governance was voting to invest $500M in US treasury bills

Bitcoin Lightning Network developer updates node software with Taproot support

Author: Gate.io Researcher Peter L.
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