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Transfer Funds Regulations (“TFR”) will extend the “travel rule” to the CASPs

On 20.7.2021, the European Commission’s AML package included a revision of the Transfer Funds Regulations (“TFR”) (i.e. Proposal on “Regulation of The European Parliament and of the Council on information accompanying transfers of funds and certain crypto-assets (recast)”) that will extend the requirement for crypto asset service providers (“CASPs”) to accompany each transfer of funds with information on the originator and beneficiary to crypto-asset transactions.

The Proposal aims to implement in the European Union the so-called FATF/GAFI “Travel Rule”, which imposes on CASPs to share the personal information (name, address, etc.) of their customers concerning each transaction through their platforms.

The Consortium Cryptovalues has already liaised with the European Institutions to raise the industry’s voice against the Proposal. I have contributed in the drafting of the Position Paper where we consider that any partial amending effort applied to the current legislative Proposal would not be sufficient, and, therefore, we ask that the current obligations must be removed and replaced with viable, more effective alternative solutions to achieve the Proposal’s objectives.

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