EU to Extend Transparency Rules to Crypto Transfers

As we reported in our previous post, the EU was approaching agreement on regulation of crypto trading within the union. And this week the European Parliament and Council finally reached a provisional agreement to require crypto asset service providers (CASPs) to collect and provide identifying information on all digital asset transfers. The move aims to strengthen anti-money-laundering requirements to ensure that crypto transfers can always be traced and suspicious transactions blocked. This will require exchanges to collect information and personal data about the originator and beneficiary for all crypto transfers and to communicate this information to authorities if requested. Requirements will also be introduced for certain transactions between un-hosted wallets (crypto wallets in the custody of private users) and wallets managed by CASPs.


CH-019643 (Webpage Portal) 2022-06-30 (Published) 2022-07-05 (Updated)