LONDON (AP) — The European Union has agreed on new rules subjecting cryptocurrency transfers to the same money-laundering rules as traditional banking transfers.
EU negotiators signed a provisional agreement late Wednesday for the 27-nation bloc's first rules on tracing transfers of crypto assets like bitcoin, which is aimed at clamping down on illicit transfers and blocking suspicious transactions.
When a crypto asset changes hands, information on both the source and the beneficiary would have to be stored on both sides of the transfer, according to the new rules. Crypto companies would have to hand this information over to authorities investigating criminal activity such as money laundering or terrorist financing.
“For too long, crypto-assets have been under the radar of our law enforcement authorities," one of the lead EU lawmakers negotiating the rules, Assita Kanko, said in a statement. “It will be much harder to misuse crypto-assets and innocent traders and investors will be...
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