In recent years, cryptocurrencies have been viewed as high-risk channels for money laundering, terrorist financing, and sanctions evasion due to their anonymity, cross-border characteristics, and high liquidity. In the second half of 2025, several major global regulatory agencies began to strengthen their regulatory efforts in this area, promoting the implementation of stricter anti-money laundering systems. Below are the current major trends, challenges faced, and predicted directions.
- Deepening of FATF Standards and Implementation of the "Travel Rule"
In 2025, the FATF released a new version of the guidelines for Virtual Asset Service Providers (VASP), emphasizing that countries should strengthen licensing and registration systems and implement cross-border transaction information disclosure (Travel Rule). As of now, 99 jurisdictions have passed or are in the process of passing corresponding legislation. Regulatory agencies have also published "best practice" guidelines to assist countries in designing supervisory mechanisms.
This advancement means that cryptocurrency exchanges, wallet service providers, and others must include the identity information of the transaction parties during cross-border transfers, reducing the possibility of anonymous transfers.
- EU AMLA Authorization and Direct Regulatory Layout
Starting from July 1, 2025, the newly established anti-money laundering agency in the EU, AMLA, officially gained statutory functions and plans to directly regulate about 40 large-scale, high-risk cryptocurrency platforms from 2028. AMLA emphasizes that Crypto-Asset Service Providers (CASPs) should establish a complete AML/CFT system from the outset when obtaining a MiCA license.
Additionally, the European Securities and Markets Authority (ESMA) has issued warnings to CASPs, prohibiting them from mixing the promotion of regulated and unregulated products on the same platform to prevent misleading investors.
- Adjustments in U.S. Regulatory Rules and Legislative Trends
In the U.S., 2025 witnessed fluctuations in regulatory pathways. FinCEN had planned for new AML rules for investment advisors (IA AML Rule) to take effect in 2026 but has announced a postponement until 2028 to reassess the scope and effectiveness of the rules.
Meanwhile, the U.S. Congress is promoting legislation such as the GENIUS Act (stablecoin regulatory bill) and the CLARITY Act (digital asset classification bill) in the summer, clearly incorporating AML/KYC obligations into the compliance framework for digital asset platforms and stablecoin issuers.
Furthermore, regulatory agencies are reviewing abnormal trading behaviors that have emerged during the recent adoption of "crypto fund inventory strategies" by publicly listed companies, focusing on whether there are issues of insider trading or improper disclosures.
- Increasing Compliance Violations and Fines
As of mid-2025, the total amount of global anti-money laundering fines has exceeded billions of dollars. Some cryptocurrency platforms have been fined heavily for insufficient customer due diligence (KYC) and failures in suspicious transaction monitoring.
These penalty cases serve as a strong warning to the industry: compliance shortcomings and lax reviews will lead to heavy legal and reputational costs.
- Challenges of Cross-Border Regulatory Coordination
Although the FATF promotes the simultaneous implementation of rules by various countries, the legislative and regulatory rhythms are inconsistent. Some countries have delayed regulations or have broader exemption clauses, allowing cross-border funds to still find opportunities. The collaborative capabilities of regulatory agencies in identification, investigation, and asset freezing need to be strengthened urgently.
- The Conflict Between Technology and Privacy
To meet the requirements of the "Travel Rule," VASPs must retain customer real-name information off-chain. However, this creates tension with user privacy protection demands. Balancing transparency and privacy rights in institutional design will be an ongoing game between regulators and the industry.
- Compliance Cost Pressure for Small Service Providers
Large platforms typically have the resources to establish complex monitoring systems and compliance teams, but for small and medium-sized exchanges and wallet providers, implementing KYC/AML systems means high technical development and operational costs. This may lead to further market concentration or the exit of some entities.
- Continuous Evolution of New Anonymous Methods
Mixing services, anonymous coins, off-chain transactions, etc., are still evolving, with rapid technological updates. Even if mainstream chains have monitoring capabilities, there may still be paths for money laundering evasion and complex layered structures. Regulatory and technological defenses need to keep pace with upgrades.
Integrated Technical Compliance
Cryptocurrency platforms should embed AML/KYC modules from the design stage and introduce a combination of chain control + rule engine + machine learning monitoring systems. Some academic research has explored using deep learning and graph computing to identify money laundering paths, which is expected to improve detection rates and efficiency.
Building Cross-Border Cooperation Mechanisms
Industry associations and regulators should promote international cooperation frameworks, establishing shared data interfaces and rapid investigation channels to fill regulatory blind spots in individual countries.
Tiered Compliance Strategies
For small and medium-sized platforms, an "outsourcing + Compliance as a Service (CaaS)" model can be adopted to reduce self-built costs. At the same time, focus should be placed on key monitoring links to ensure that core areas do not become vulnerabilities due to resource limitations.
Risk Control Early Warning and Audit Mechanisms
Establish a rapid warning model for suspicious transactions, an automatic compliance audit mechanism, and regularly invite third parties to assess the strength of the compliance system. There should be a rapid correction plan in place in the event of regulatory changes.
Participation in Legislation and Industry Standard Setting
Industry participants should actively engage in local and international regulatory rule feedback to make institutional designs more operational and fair. Particularly, reasonable space should be sought in areas such as privacy protection, compliance cost exemptions, and cross-chain transaction rules.
Anti-money laundering regulation in the cryptocurrency field is moving from a "regulatory void" to a new stage of "institutional implementation." The advancement of FATF standards, direct regulation by the EU AMLA, tightening legislation in the U.S., and reforms in regulatory agencies constitute the current multidimensional compliance pressure. For the industry, compliance is not only a legal requirement but also the foundation for gaining the trust of institutional investors and maintaining sustainable business development. In the future, achieving a new balance between privacy protection, cross-border cooperation, technological prevention, and policy design may truly build a safe, transparent, and trustworthy cryptocurrency financial infrastructure.
Related: Cathie Wood: Hyperliquid "Reminds Me of Early Solana"
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