The European Union has announced the establishment of a new Anti-Money Laundering Authority (AMLA) to oversee financial matters, including cryptocurrencies, across its 27 member states. Frankfurt, Germany, has been chosen as the headquarters for this regulatory body, tasked with ensuring compliance with anti-money laundering and counter-terrorist financing obligations. The AMLA will work alongside national authorities to address risks associated with crypto transactions and enforce a €10,000 cash payment limit. This decision follows a joint vote by the European Parliament and Council, with Frankfurt selected over eight other competing cities.