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EU Lawmakers Back Plan to End Crypto Transfer Anonymity

March 31, 2022, 5:35 PM

Crypto transactions would be covered by EU rules requiring that financial transfers carry information about the identities of payers and payees, according to a plan backed Thursday by a panel of the European Parliament.

Under the current EU Transfer of Funds Regulation ((EU) 2015/847), payment service providers must include identity information only for transfers of “banknotes and coins, scriptural money and electronic money,” leaving crypto transfers beyond the reach of the rule.

This loophole exposed “both users and providers of services of crypto-assets to significant money laundering and terrorist financing risks,” according to a position on the plan ...