EU cracks down on Crypto-assets – McGuinness LONG

The EU is putting in place “comprehensive tailored rules” for crypto assets in the European Union.  

That’s according to Ireland’s EU Commissioner Mairead McGuinness who made the comments today in the European Parliament in Strasbourg.  She was speaking ahead of a vote there tomorrow on the first EU rules to ensure the traceability of crypto-asset transfers and  to prevent money laundering, terrorist financing and other crimes.

The legislation aims to ensure that crypto transfers can always be traced and suspicious transactions blocked. The so-called “travel rule”, already present in traditional finance, will in future cover transfers of crypto assets. This rule requires that information on the source of the asset and its beneficiary travels with the transaction and is stored on both sides of the transfer.

Here’s Mairead McGuinness.

Out words: financial services

Dur: 00:35