BACS presents its new report open to the public: EU Crypto Assets Travel Rule developed by board members of the Blockchain Arbitration & Commerce Society and with the collaboration of our partners BITLAB.
It is a clear and practical guide to address the main issues triggered by Regulation (EU) 2015/847 in the face of money laundering.
Here you will find our summarized version. To access our full report; become a BACS member and be part of our community.
From BACS, as an organization in which we are moved that cryptoasset businesses and projects move in an environment of legality and trust, we believe that this article is key for those who must understand and assume the regulatory changes around this sector.
If the article is of interest to you and you wish to share, disseminate or mention it, just cite us as authors of the report and include our website: https://bacsociety.com
INTRODUCTION BACS Report: EU Crypto Assets Travel Rule
The European Parliament and the Council of the European Union adopted Regulation (EU) 2015/847 to ensure that providers of funds transfer services comply uniformly with the requirements of the Financial Action Task Force against Money Laundering (FATF) across the Union.
Aiming to regulate virtual assets and virtual asset service providers, changes were introduced in June 2019 to the FATF standards with the purpose of facilitating the traceability of asset transfers
20 2019 to the FATF standards with the purpose of facilitating the traceability of virtual asset transfers.
Therefore, traceability of fund transfers and crypto-assets is appropriate in the prevention, detection and investigation of money laundering and terrorist financing, as well as in the implementation of restrictive measures.