Track Crypto Transfer Activity, EU MPs Support Regulation

Track Crypto Transfer Activity, EU MPs Support Regulation

global.gerbangindonesia.org – Track Crypto Transfer Activity, EU MPs Support Regulation

EU lawmakers support new rules to track transfers of Bitcoin and other cryptocurrencies. The voting for the regulation will take place on Thursday, March 31, 2022.

The two committees in the European Parliament together voted 93 in favor and 14 against the rule.

New Rules

Under a draft law first proposed last year by the EU executive’s European Commission, crypto exchanges must transmit information about users carrying out crypto transfer activities.

A lawmaker, Ernest Urtasun said the new rules would prevent risks from crypto transactions.

“This rule will make it easier to identify and report suspicious transactions, freeze digital assets, and prevent high-risk transactions,” said Urtasun, quoted from Channel News Asia, Friday (1/4/2022).

Previously, lawmakers had proposed implementing a new rule for a minimum transfer of EUR 1,000 (Rp 15.8 million) or more to be reported by crypto exchanges.

However, lawmakers on Thursday voted to remove the minimum threshold, meaning all transfers of any amount must be reported.

Urtasun said the removal of the minimum transfer limit in the draft law was in line with rules from the global Financial Action Task Force that set standards to combat money laundering.

In other words, it means requiring crypto companies to collect and share data about transactions made by customers.

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