In future, crypto platforms will therefore have to determine information about senders and recipients when they process transactions.Brussels. It does not matter how high the transferred amount is. In the event of an investigation into money laundering or terrorism, the providers must also forward the information to the relevant authorities.
When it comes to measures against crypto money laundering, the EU focuses on the point where Bitcoin, Ether and other digital currencies are exchanged for conventional money such as euros or US dollars. Therefore, direct transfers between holders of platform-agnostic cryptocurrency exchanges or wallets are left out. But they would be difficult to control anyway. There is also a special regulation when crypto platforms process transactions with such independent wallets: Here the information obligation applies to amounts of 1,000 euros or more.
MEP Martin Schirdewan (left) welcomed the agreement. “As with traditional bank transfers, it must be clear who is actually sending and receiving the crypto assets,” he said. However, he criticized that the transparency requirements for independent wallets were less stringent. Before the law officially comes into force, the EU Parliament and the countries still have to formally approve it. On Thursday afternoon, the institutions’ negotiators will meet to negotiate further uniform rules for the cryptocurrency market in the EU.
Source: Nachrichten
