EU to tighten rules on cryptoasset transfers

FILE PHOTO: A representation of the virtual cryptocurrency Ethereum is seen among representations of other cryptocurrencies in this picture illustration taken June 14, 2021. REUTERS/Edgar Su/Illustration

(Reuters) - Companies that transfer bitcoin or other cryptoassets must collect details of senders and recipients to help authorities crack down on dirty money, EU policymakers proposed on Tuesday in the latest efforts to tighten regulation of the sector.

The law proposed by the European Commission, the EU executive, would apply what is known as the travel rule to crypto transactions to make them traceable.