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EU Moves Closer to Strict Anti-Money Laundering Rules on Crypto

  • Political hurdle cleared to enforce transaction declarations
  • Crypto industry criticized the regulation on privacy grounds
Cryptocurrency ATMs as Bitcoin Mirrors Stock Rebound
Photographer: Angel Navarrete/Bloomberg

The European Parliament and Council reached a provisional agreement to force crypto providers to provide identifying information on all digital asset transactions, despite an industry backlash.

The so-called transfer of funds regulation, or TFR, seeks to strengthen anti-money laundering requirements to ensure that crypto transfers can always be traced and suspicious transactions blocked.