London: The The European Union Thematic new rules have been agreed upon cryptocurrency Transfers under money-laundering rules similar to traditional banking transfers.
EU negotiators signed a tentative agreement late Wednesday for the 27-nation bloc’s first rules. crypto asset to like BitcoinIt aims to curb illegal transfers and prevent suspicious transactions.
When a crypto asset changes hands, according to the new rules, information on both the source and the beneficiary must be stored on both sides of the transfer.
Crypto companies must hand over this information to authorities investigating criminal activities such as money laundering or terrorist financing.
“For too long, crypto-assets have been under the radar of our law enforcement officials,” said one of the leading EU lawmakers negotiating the rules, asita kankosaid in a statement.
“Crypto-assets would be much harder to abuse and innocent traders and investors would be better protected.”
EU institutions are working out the technical details before the rules get final approval. Negotiators were also set to give final details on a separate deal late Thursday for a broader package of crypto regulations, known as the Market in Crypto Assets, or MECA.
They are part of the EU’s push to take a global lead in the freewheeling cryptocurrency industry at a time when prices have fallen, eroding fortunes, fueling doubts and sparking calls for stricter scrutiny.
Like the trendsetting data privacy policies of the European Union, which became the de facto global standard, crypto regulations are expected to be highly influential around the world.
EU negotiators signed a tentative agreement late Wednesday for the 27-nation bloc’s first rules. crypto asset to like BitcoinIt aims to curb illegal transfers and prevent suspicious transactions.
When a crypto asset changes hands, according to the new rules, information on both the source and the beneficiary must be stored on both sides of the transfer.
Crypto companies must hand over this information to authorities investigating criminal activities such as money laundering or terrorist financing.
“For too long, crypto-assets have been under the radar of our law enforcement officials,” said one of the leading EU lawmakers negotiating the rules, asita kankosaid in a statement.
“Crypto-assets would be much harder to abuse and innocent traders and investors would be better protected.”
EU institutions are working out the technical details before the rules get final approval. Negotiators were also set to give final details on a separate deal late Thursday for a broader package of crypto regulations, known as the Market in Crypto Assets, or MECA.
They are part of the EU’s push to take a global lead in the freewheeling cryptocurrency industry at a time when prices have fallen, eroding fortunes, fueling doubts and sparking calls for stricter scrutiny.
Like the trendsetting data privacy policies of the European Union, which became the de facto global standard, crypto regulations are expected to be highly influential around the world.