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The European Council and Parliament have reached a temporary agreement on a new anti-money laundering package that would impose stricter rules on cryptocurrency firms. In a statement on Thursday, the group of policymakers said the new rules would cover “most of the crypto sector” and require crypto firms to be more diligent about their customers.

Under the terms of the temporary agreement, crypto firms would be held to a higher standard of responsibility when their customers intend to make transactions worth at least 1,000 euros ($1,090). The statement also includes measures to mitigate the risks associated with transactions made with self-hosted wallets.

The agreement still needs to be approved by the European Parliament. The statement said, “If approved, the Council and Parliament will need to formally adopt the texts; these will then be published in the Official Journal of the EU and enter into force.”

On Tuesday, the European Banking Authority also extended anti-money laundering and terrorist financing risk factors to the cryptocurrency sector.

Belgian Finance Minister Vincent Van Peteghem, in a statement today, said the temporary agreement is part of the EU’s new AML system. “This will ensure that there is no room for fraudsters, organized crime, and terrorists to legitimize their proceeds through the financial system,” he said.

Last year, the European Union formally adopted the Markets in Crypto-assets (MiCA) regulation, which provided further clarity on the scope and definitions of cryptocurrency regulation.

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