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EU updates rules on transfers of crypto assets

Thursday 30 June 2022 14:11 CET | News

The European Council has updated the rules on information accompanying the transfers of funds by extending the scope of those rules to transfers of crypto assets.

Negotiators from the Council presidency and the European Parliament have agreed on how to make it more difficult for criminals to misuse crypto currencies for criminal purposes. The introduction of this ‘travel rule’ will ensure financial transparency on exchanges in crypto-assets and will provide the EU with a solid and proportional framework, as the press release states.
The new rule complies with the most demanding international standards on the exchange of crypto assets, in particular recommendations 15 and 16 of the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog.
The aim of this recast is to introduce an obligation for crypto asset service providers to collect and make accessible certain information about the originator and the beneficiary of the transfers of crypto assets they operate. This is what payment service providers currently do for wire transfers. This will ensure traceability of crypto-asset transfers to be able to better identify possible suspicious transactions and block them.



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Keywords: regulation, digital assets, crypto, fraud management
Categories: Banking & Fintech
Companies: European Parliament
Countries: Europe
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Banking & Fintech

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European Parliament

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