Crypto payments can now be traced like bank transfers under new EU law

The EU Parliament agreed last week on the world’s first comprehensive set of rules to regulate the transfer of cryptocurrencies like Bitcoin, as it looks to crack down on money laundering and illegal transfers in the bloc. From 2024, all crypto transfers, regardless of amount, will be covered by the so-called ‘travel rule’ — information on the source of the asset and its beneficiary will have to travel with the transaction and be stored on both sides of the transfer.  The regulation requires firms that want to issue, trade, and safeguard crypto-assets, tokenised assets, and stablecoins in the 27-country bloc…

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