Cryptocurrencies
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
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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.