EU legislators propose first ever bill on tracking crypto-assets

The European Parliament and Council negotiators reached a provisional deal on a new bill aiming to ensure that crypto transfers can always be traced, and suspicious transactions blocked – in the exact same way as traditional money transfers. There is currently an absence of rules over tracing transfers of crypto-assets, allowing cryptocurrency to become the preferred medium for money laundering due to its anonymity, ease of use and ability to circumvent international borders and regulations. The new proposed legislation is part of the new EU anti-money laundering package and will be aligned with the Markets in Crypto-assets rules (MiCA).
In this alert, you will read more about the new proposed crypto-assets legislation and how it will impact the European AML landscape.