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EU Institutions Reach Provision Agreement On Controversial 'Unhosted Wallets' Regulation

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cryptonews.com

The European Parliament and the Council of the European Union have reached a provisional agreement on the Transfer of Funds Regulation (TFR) that is to ensure crypto transfers can be traced and that transactions considered suspicious are blocked, potentially paving the way for tougher enforcement by the European Union.

The bill extends Brussels’ supervision over so-called 'unhosted wallets', or just regular wallets controlled by their owners, in what many industry representatives call a harmful measure that could hamper the sector’s development in Europe.The  European Parliament said in a statement that,“The agreement extends the so-called 'travel rule', already existing in traditional finance, to cover transfers in crypto assets.

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