Lawmakers in the European Union last week reached a provisional agreement that extends traceability requirements to include digital assets.
Why it matters: Privacy is central in crypto. The industry has long argued as much, with more than 40 crypto firms in April protesting transaction detail disclosures in a letter to the EU.
Driving the news: The new transfer of funds regulation, or TFR for short, appears to have been accelerated amid heightened awareness of illicit activities behind crypto transactions.
What's happening: The Financial Action Task Force (FATF) urged crypto service providers and other financial institutions to get started on tracing transactions, requiring them to collect and share personal information (regardless of size) and hand that info over to authorities if they so require.
Crypto service providers, as defined by FATF, include those "acting as a business for or on behalf of another person and providing or actively facilitating" crypto services.
FATF is...
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