Crypto-asset service providers will be obliged to collect and disclose data relating to originators and beneficiaries of the transfer.

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Image source from Yahoo finance


The European Union (EU) is to propose a new agency and new rules related to crypto-asset transfers.

According to reports, the European Union is responding to the call for tougher action to fight money laundering.

According to EU documents on Wednesday, the European Commission, the trading bloc's executive arm, proposes an Anti-Money Laundering Authority (AMLA) to "make decisions for some of the riskiest cross-border financial sector-bound entities," stated in the report.

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Crypto-asset service providers will be obliged to collect and disclose data relating to originators and beneficiaries of transfers, something that is currently outside the scope of EU regulations for financial services.

Until now, anti-money-laundering regulation has been the authority of the 27 EU member states, but the commission says problems such as terrorist financing and organized crime should be addressed centrally.

The EU has been under increased pressure to crack down on money laundering since the Danske Bank scandal of 2007–2015, in which €200 billion ($235 billion) of suspicious transactions occurred through an Estonian branch of a Danish bank.

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