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ARTICLE · 03 JULY 2023

EU Transfer Of Funds Rules Amended For Cryptos

ELVINGER HOSS PRUSSEN, société anonyme
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Regulation (EU) 2015/847 on information accompanying transfers of funds ensures traceability of fund transfers, in particular with a view to prevent, detect and investigate...

European UnionFinance and Banking
Elvinger Hoss Prussen
Elvinger Hoss Prussen

Regulation (EU) 2015/847 on information accompanying transfers of funds ensures traceability of fund transfers, in particular with a view to prevent, detect and investigate money laundering and terrorist financing, but it only applies to transfers defined as banknotes and coins, scriptural money and electronic money. Regulation (EU) 2023/1113 of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets ("Regulation") now extends the scope of the EU legal framework to transfers of virtual funds

The new rules shall apply to all transfers of funds sent or received by an (intermediary) payment service provider ("PsP") established in the EU, including transfers of crypto-assets if the crypto-asset service provider ("CSP") of either the originator or the beneficiary is registered within the EU. Nevertheless, the Regulation provides for numerous exclusions from its scope.

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