Fighting money laundering in cryptocurrencies

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The European Parliament and the Council have reached an agreement to strengthen control and transparency over cryptocurrency transactions. This will prevent anonymous transfers and other measures to help prevent money laundering and terrorist financing.

The reform has not yet been implemented, pending approval by the European Parliament. The rule serves to ensure that all transfers made with cryptocurrencies help operators to collect certain data from the sender and the beneficiary of the transfer made.

"The new rules will make it easier to list of guangdong cell phone numbers investigate certain transfers linked to criminal activities and to identify the real person behind these transactions," says En Comú Podem MEP Ernest Urtasun .


This agreement tightens the initial proposal of the European Commission, which was in favour of not including transactions of less than 1000 euros . The EU tightened this rule due to the high risk of being able to carry out millions of transactions of less than this amount and thus maintain anonymity.

The main objective is to update the directive on the Regulation of Fund Transfers in order to combat money laundering. By having the data of the authors of the transfers, it is easier to apply sanctions to those responsible for the fraud.

If entities handling cryptocurrencies do not comply with this regulation, they will be blacklisted . In the case where there is no entity, such as self-custodial wallets , it will be the service providers who will have to assess the risk of the transactions.