ECB opines on proposed regulation extending traceability requirements to cryptoasset transfers

Article summary

The European Central Bank (ECB) has issued its opinion on the European Commission’s proposal for a regulation to extend traceability requirements to transfers of cryptoassets. The ECB says it welcomes the proposed regulation as a means of extending traceability requirements to cryptoassets and levelling the playing field for cryptoasset service providers. However, the ECB makes some recommendations with regard to the definition of cryptoassets and scope of the proposed regulation, references to official currencies, and the date of application of the proposed regulation.