Council of the EU adopts rules which will make crypto-asset transfers traceable

The EU is making it more difficult for criminals to avoid anti-money laundering (AML) rules via crypto currencies. On 16th of May, the Council adopted updated rules on information accompanying the transfers of funds by extending the scope of the rules to transfers of crypto assets. Under the new rules, crypto asset service providers are obliged to collect and make accessible certain information about the sender and beneficiary of the transfers of crypto assets they operate, regardless of the amount of crypto assets being transacted. This ensures the traceability of crypto-asset transfers in order to be able to better identify possible suspicious transactions and block them.
In this alert, you will read more about the background, conclusions, and how Deloitte can help.