European Union (EU) lawmakers have agreed on anti-money laundering (AML) rules that would apply to a large number of cryptocurrency transactions, Ernest Urtasun said, a member of the European Parliament, announced Wednesday. EU Lawmaker Introduces AML Law on Crypto In a tweet announcing the agreement, Ernest Urtasun, a member of the European Parliament, stated that they are “putting an end to the wild west of unregulated crypto, closing major loopholes in the European anti-money laundering rules.” 1/Deal! After months of negotiations with the Council, we agreed the most ambitious travel rule for transfers of crypto-assets in the world. We are putting an end to the wild west of unregulated crypto, closing major loopholes in the European anti-money laundering rules. Thread👇 pic.twitter.com/Jr9IAspsb8 — Ernest Urtasun (@ernesturtasun) June 29, 2022 The new rules aim to prevent money laundering, among other crimes, by requiring crypto-assets service providers to collect and store information identifying people involved in cryptocurrency transactions, as well as hand the information over to authorities that are conducting investigations. However, it will not track requirements on private, unhosted wallets that the EU Parliament initially planned in March. However, the rules do not apply to peer-to-peer (P2P) transactions. This means upon implementing the Transfer of Funds Regulation (TOFR) rules, users uncomfortable with the data ...
