European Union signs new rules for tracing crypto transfers

The European Union has agreed to adopt new rules for cryptocurrency transfers. The new rules are similar to the traditional money laundering rules for traditional banking transfers.

EU officials on Wednesday signed a temporary agreement to trace the transfer of cryptocurrency assets such as Bitcoin to a group of 27 nations. Its main purpose is to curb illegal transfers and block suspicious transfers, NY1.com has mentioned. According to the new rules, from now on, after the change of ownership of a crypto asset, the information of the transfer must be stored in both the informant and the recipient.

Crypto companies will need to provide such information when needed to investigate criminal activities such as money laundering and terrorist financing. Crypto assets have long been in the sights of regulatory authorities," said Assita Kanko, one of the EU's leading lawmakers.