![]() In particular, the new agreement requires that the full set of originator information travel with the crypto-asset transfer, regardless of the amount of crypto assets being transacted. The new agreement will enable the EU to deal with the risks of money laundering and terrorist financing linked to these new technologies, while reconciling competitiveness, consumer and investor protection, and the protection of the financial integrity of the internal market. This will ensure traceability of crypto-asset transfers in order to be able to better identify possible suspicious transactions and block them. This is what payment service providers currently do for wire transfers. 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 especially timely in the current geopolitical context. 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 that 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. ![]() Negotiators from the Council presidency and the European Parliament have reached a provisional agreement on the proposal updating the rules on information accompanying the transfers of funds by extending the scope of those rules to transfers of crypto assets. The EU is making it more difficult for criminals to misuse crypto currencies for criminal purposes. The EU is making it more difficult for criminals to use crypto currencies for money laundering European Council President's speeches and statements.Why salamanders are important to you: 30 years of nature protection in Europe.Feeding Europe: 60 years of common agriculture policy.Your life online: How is the EU making it easier and safer for you?. ![]() EU response to Russia's invasion of Ukraine.Paschal Donohoe, President of the Eurogroup.Charles Michel, President of the European Council.
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