The European Union has chosen Frankfurt, Germany, as the home of its new Anti-Money Laundering Authority (AMLA), which will directly regulate the cryptocurrency industry. Composed of the agency itself and the national agencies of the 27 EU member states, AMLA is tasked with ensuring compliance with all anti-money laundering and counter-terrorism financing obligations agreed upon by the EU. EU Commissioner for Financial Stability, Financial Services and Capital Markets Mairead McGuinness said: “We are reducing the risks associated with large sums of money, with an EU-wide limit on cash payments of €10,000. At the same time, we are addressing the risks posed by cryptocurrencies. risk, and anonymity can be achieved”.