European Union: Entry into Force with Grace Period of Regulation on information accompanying transfers of funds and certain crypto-assets
Description
Entry into Force with Grace Period of Regulation on information accompanying transfers of funds and certain crypto-assets
On 29 June 2023, the Regulation on information accompanying transfers of funds and certain crypto-assets entered into force with a grace period. The Regulation aims to ensure the traceability of crypto-asset transfers by introducing an obligation for entities providing crypto-asset services to collect and disclose the information it has on crypto transactions, including the originator and beneficiary. The providers will be required to verify whether information on the payer or the payee is accurate for transfers over EUR 1000. Finally, the crypto-asset services providers will be required to check the list of entities that are at high risk of money laundering or other criminal activities before they approve any crypto-asset transfers. The law will be implemented 30 December 2024.
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