EU to trace crypto assets to prevent money laundering, terror financing

London, July 1: The European Union (EU) lawmakers have passed a new legislation for tracing transfers of crypto assets like Bitcoin in the same way as traditional money transfers to prevent money laundering, terrorist financing and other crimes.

The negotiators reached a provisional deal on a new bill aiming to ensure that crypto transfers can always be traced and suspicious transactions blocked.

“This new regulation strengthens the European framework to fight money-laundering, reduces the risks of fraud and makes crypto-asset transactions more secure,” said Ernest Urtasun, co-rapporteur for the Committee on Economic and Monetary Affairs (ECON).