The Council adopted updated rules on information accompanying the transfers of funds by extending the scope of the rules to transfers of crypto assets.
The Council of the European Union announced, on 16 May 2023, that it had adopted the Regulation on Information Accompanying Transfers of Funds and Certain Crypto-Assets, thus marking the final step in the legislative process. In particular, the Council explained that, under the Regulation, crypto-asset service providers are obliged to collect and make accessible certain information about the sender and beneficiary of the transfers of crypto-assets they operate, regardless of the amount of crypto-assets being transacted.
In addition, the Council highlighted that the new rules ensure financial transparency on exchanges in crypto-assets and provides the EU with a solid framework that complies with the most demanding international standards on the exchange of crypto-assets.