Crypto exchanges in Europe may have to store all transactional data as regulators set up a new anti-money laundering watchdog

The EU is drawing up plans to set up a new agency to counter money laundering and create transparent rules for crypto exchanges and other businesses.

So far, each European country has relied on national regulatory agencies to enforce anti-money laundering laws.

A report by CipherTrace stated that even robust regulatory regimes are still lacking in some areas, such as money laundering through crypto exchanges and privacy coins.