EU to tighten up crypto law

The European Parliament said on Wednesday that regulators are tightening up the freewheeling sector and that the EU has agreed on anti-money laundering rules for cryptocurrencies.

The rules would require exchanges to obtain and hold information on those involved in criptocurrencies transfers, and give them access to competent authorities if an investigation is conducted.

Before it can take effect, the rules will have to be approved by several bodies before it can take effect.

According to Ernest Urtasun, a Spanish Green Party lawmaker who helped steer the measure through the European Parliament, said the new rules will allow law enforcement officials to be able to identify the real person behind the transactions.