Luxembourg Identifies High Money Laundering Risks in Virtual Asset Services

Luxembourg’s latest National Risk Assessment report reveals that virtual asset service providers (VASPs) face a high risk of money laundering. This assessment cites several factors contributing to the increased threat, including substantial transaction volume, extensive customer reach, intricate business structures, and cross-border operations. While the European Union strives to implement unified regulations through MiCA, Luxembourg continues to raise concerns regarding significant financial crime risks associated with cryptocurrencies.