The European Union intends to establish a single supervisory Cryptocurrency

The European Union intends to establish a single supervisory body to combat money laundering, with broad authority to regulate the cryptocurrency business.

The new authority, which will be established in 2024, will be responsible for overseeing banks, financial institutions, and enterprises that engage with crypto assets. The proposal's sponsor, lawmaker Luis Garicano, said it's necessary to regulate the industry because Bitcoin "is one of the most prone to money laundering."

The European Commission will have to specify the new regulator's framework and powers. Several regulators are currently fighting money laundering in EU countries, which might make coordination difficult.