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Europe Seeks to Hand Crypto Oversight to New Dirty-Money Watchdog

  • Germany leads group to grant powers to new EU authority
  • Scandals exposed vulnerabilities of national supervision

The European Union is working to give its new anti-money-laundering watchdog oversight of cryptocurrency firms due to concerns that they’re used to process illicit funds, according to people familiar with the matter. 

The European Commission and other authorities are negotiating the remit and design of the body, which is expected to start operations in 2024 and be fully functional two years later. A group of states led by Germany is seeking to make the inclusion of cryptocurrency firms more explicit, said an EU diplomat briefed on the discussions. The people asked not to be named as the details aren’t public.