At the EP Plenary session held in Strasbourg, the first EU rules for anti-money laundering and monitoring of crypto-asset transfers for financial control were adopted by a large majority.
According to the new rules, crypto transfers, as with other financial transactions, will always be monitored and suspicious transactions will be blocked.
In financial transfers, which are described as the “Travel Rule”, the obligation that requires institutions performing the transaction to identify, store and share the identity information of the sender and receiver will also apply to the transfers of crypto assets.
Crypto asset service providers will need to detect and intercept crypto flows of criminals.
Companies in the crypto space will be required to comply with all anti-money laundering obligations.
Providers of crypto-asset services in EU countries will need to obtain a license from the relevant regulatory authorities.
A single legal framework for cryptoassets will apply within the EU.
New common rules on the control of crypto assets, including cryptocurrencies, consumer protection and environmental measures will be introduced.
There will be safeguards against market manipulation and financial crimes in this area.
These rules, which are expected to enter into force in 2024, will be published in the EU Official Journal after their official approval by the European Council.
