The European Union plans to include cryptocurrency service providers in a mandatory local contact mechanism

According to a report by AML Intelligence, the European Commission has passed an authorization bill to expand the "Central Contact Point" (CCP) framework to include Crypto Asset Service Providers (CASP), granting regulatory authorities in member states the power to require local contact persons to be designated by institutions such as cryptocurrency exchanges operating in their countries.

This framework previously only applied to electronic money institutions and payment institutions. After the revision, it will include crypto service providers in the anti-money laundering and compliance regulatory network, allowing regulatory authorities to have a fixed contact window domestically and enhance information sharing and law enforcement collaboration.