EU Plans to Track Crypto Transactions for More Transparency: Eurogroup President

Eurogroup President Paschal Donohoe, also Ireland’s Finance Minister, made remarks on how the EU is planning to track crypto transfers.Speaking at the European Anti-Financial Crime Summit 2025 in Dublin, the minister said that the plan, if executed, would see increased transparency in transactions among both senders and receivers.The plan at an EU legislative level is a “reclass of performance transfer mechanisms,” he addressed during his keynote. “Specifically, to record data on the senders and recipients of funds, [so it] now applies to crypto asset service providers.”“It’s essential that we broaden the scope of this kind of financial regulation,” he stressed, adding that the move would deal with crypto transparency issues.Strengthening EU’s New AML Authority RulesMinister Donohoe addressed the gathering on the importance of the new EU anti-money laundering authority (AMLA) rule. The package of legislative proposals would help strengthen the EU’s rules on AML and countering terrorism financing.“Closer cooperation and coordination is absolutely critical. Not just at an international level, at a European level,” he added. “This initiative is a landmark development. What it aims to do is to create a strong toolkit for tackling these deeply serious issues.”The Commission adopted a regulation in May 2023 on transfers of funds, which aims to make transfers of crypto-assets more transparent and fully traceable.Further, the AML regulation will restrict crypto firms from interacting with anonymous wallets and privacy coins, effective July 1, 2027. Additionally, Regulators will block the IP addresses of non-compliant decentralized exchanges.AMLR Law is Not a Crypto RegulationThe rule was formally passed by the EU last year, which applies to all crypto-asset service providers (CASPs). According to Patrick Hansen, Circle’s EU Strategy and Policy Director, the new AMLR law “is not a crypto regulation.”He said at the time that the framework is broad and applies to all financial institutions, including crypto firms.Further, Unity Wallet COO James Toledano said that the new EU AMLR rule risks “the ethos of DeFi.” He told Decrypt that these laws match traditional banking standards, but don’t fit well with crypto’s decentralized structure.“They can and will be easily circumvented as self-custodial crypto is truly global and holders will find other ways of cashing out their chips,” he said.The post EU Plans to Track Crypto Transactions for More Transparency: Eurogroup President appeared first on Cryptonews.