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27 July 2021

New EU proposal looks to tighten regulations for sending cryptocurrency

New EU proposal looks to tighten regulations for sending cryptocurrency


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The European Commission has submitted a new proposal which would require crypto-asset service providers to collect additional anti-money laundering, or AML, information from users who utilize cryptocurrency for money transfers.

Service providers would similarly need to ensure the name and account number of the beneficiary are included with the transfer, along with information about where that account exists.

In cases where there is a series of payments exceeding EUR 1000 but they do not appear to be connected, the payment service provider would not need to verify the information unless “effects the pay-out of the funds in cash or in anonymous electronic money,” or “has reasonable grounds for suspecting money laundering or terrorist financing.”

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