EU lawmakers set to tighten up on crypto transfers

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European Union lawmakers were set on Thursday to back tougher safeguards for transfers of bitcoin and other cryptocurrencies, in the latest sign that regulators are tightening up on the freewheeling sector.

Two committees in the European Parliament have thrashed out cross-party compromises to be voted on. Crypto exchange Coinbase Global IncThe $2.1 trillion crypto sector is still subject to patchy regulation across the world. Concerns that bitcoin and its peers could upset financial stability and be used for crime have accelerated work by policymakers to bring the sector to heel.

Urtasun said removing the threshold brings the draft law into line with rules from the global Financial Action Task Force that sets standards for combating money laundering. Those rules mean crypto firms must collect and share data on transactions. The lawmakers' committees have also agreed on new provisions on crypto wallets held by individuals, not exchanges, and on the creation of an EU list of high-risk or non-compliant cryptoasset service providers.

 

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