PANews reported on May 9 that according to Cryptonews, Paschal Donohoe, President of the Eurogroup and Irish Minister of Finance, announced at the 2025 European Anti-Financial Crime Summit held in Dublin that the EU intends to legislate to require cryptocurrency service providers to record information on both parties of the transaction. The proposal will redefine the mechanism of fund transfer and force crypto asset service providers to retain data on senders and receivers of funds. Donohoe stressed: "It is crucial to expand the scope of such financial supervision, which will effectively solve the transparency problem of crypto assets."
The EU passed the Fund Transfer Regulation in May 2023, requiring that transfers of crypto assets must be fully traceable. The new regulations will take effect on July 1, 2027, when crypto companies will be prohibited from processing anonymous wallets and privacy coin transactions, and IP blocking will be implemented on non-compliant decentralized exchanges. Patrick Hansen, Circle's EU policy director, pointed out that this Anti-Money Laundering Regulation is not specifically aimed at the regulation of cryptocurrencies, but a general framework applicable to all financial institutions. James Toledano, COO of Unity Wallet, believes that the new regulations may violate the core concept of DeFi, but given the global nature of cryptocurrencies, users can still cash out assets through other channels.
