The European Parliament adopted new rules that would formally put in place due diligence requirements for crypto firms in a bid to combat money laundering.

The European Parliament voted on Wednesday to adopt a package of laws that would in part enhance "due diligence measures and checks on customers’ identity" including so-called crypto asset managers. They would also have to report suspicious activities to authorities.

The new law would affect crypto-asset service providers (CASPs), such as centralized crypto exchanges, as well as a slew of other institutions including gambling services, according to previous The Block reporting.

Circle's EU Strategy and Policy Director Patrick Hansen, said the vote was expected, in a post on X.

"The package will now be formally adopted by the …