BRUSSELS, June 29 (KUNA) -- Transfers of crypto-assets will be traced and identified to prevent money laundering, terrorist financing, and other crimes, according to a provisional agreement reached by the European Parliament and EU member states Wednesday evening.
The agreement extends the so-called "travel rule", already existing in traditional finance, to cover transfers in crypto assets. This rule requires that information on the source of the asset and its beneficiary travels with the transaction and is stored on both sides of the transfer, said an European Parliament statement.
Crypto-assets service providers will be obliged to provide this information to competent authorities if an investigation is conducted into money laundering and terrorist financing.
The rules do not apply to person-to-person transfers conducted without a provider, such as bitcoins trading platforms, or among providers acting on their own behalf. (end)