Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

EU to tighten rules on cryptoasset transfers

07/20/2021 | 12:33pm EDT
Illustration of Ethereum

(Reuters) - Companies that transfer bitcoin or other cryptoassets must collect details of senders and recipients to help authorities crack down on dirty money, EU policymakers proposed on Tuesday in the latest efforts to tighten regulation of the sector.

The law proposed by the European Commission, the EU executive, would apply what is known as the travel rule to crypto transactions to make them traceable.

The rule, which is one of the recommendations of the inter-governmental watchdog, the Financial Action Task Force (FATF), already applies to wire transfers.

"Today's amendments will ensure full traceability of crypto-asset transfers, such as bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing," the Commission said in a statement.

A company handling cryptoassets for a customer must include the customer's name, address, date of birth and account number, and the name of the person who will receive the cryptoassets.

The recipient's service provider must also check if any of the required information is missing.

Providing anonymous crypto-asset wallets will also be prohibited, just as anonymous bank accounts are already banned under EU anti-money laundering rules.

"These proposals have been designed to find the right balance between addressing these threats and complying with international standards while not creating excessive regulatory burden on the industry," the European Commission said.

"On the contrary, these proposals will help the EU crypto-asset industry develop, as it will benefit from an updated, harmonised legal framework across the EU."

EU states and the European Parliament have the final say on the proposals, meaning it could take two years for them to become law.

(Reporting by Huw Jones; editing by Barbara Lewis)

By Huw Jones


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BITCOIN - EURO 0.84% 36777.75 Real-time Quote.54.35%
BITCOIN - UNITED STATES DOLLAR 0.77% 43083.83 Real-time Quote.47.86%
Latest news "Economy & Forex"
06:48aOman Air says wants to join oneworld airline group
RE
06:32aRESERVE BANK OF ZIMBABWE : Money Update as at 17 September 2021
PU
06:28aBehave normally, UK transport minister tells Britons queuing for fuel
RE
06:05aExplainer-What are Congress' options for funding the gov't and raising the debt limit?
RE
05:54aUK warned visa plan to fix truck driver shortage will not solve crunch
RE
05:34aCryptocurrency exchange Huobi to clean up existing mainland clients by end-2021
RE
05:18aJapan PM contenders press for government support for education
RE
05:11aLondon drivers feel the pinch as gas stations run dry
RE
05:00aChina's Geely to set up 5,000 battery swapping stations by 2025
RE
04:54aBrexit threats not helpful in solving N.Ireland problems, says EU
RE
Latest news "Economy & Forex"