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Germany to Track Crypto Transactions – CryptoCoin.News

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The German Federal Ministry of Finance is planning to introduce new regulations that seek to track the personal data of both parties involved in any cryptocurrency transaction involving at least one payment service provider.

Germany becomes first EU Country to fully implement FATF Travel Rule

The Financial Action Task Force (FATF) guidelines for crypto transactions involving at least one Virtual Asset Service Provider. This includes centralized exchanges and other services that hold crypto assets in custody for their customers. 

The FATF Travel Rule requires these service providers to record personally identifiable data of both the originator and the beneficiary of all transactions made using their platform. If two or more VASPs are involved, they must also share this sensitive data with each other. 

Although the FATF Travel Rule is merely a set of guidelines with no legal binding, governments take the FATF’s recommendations seriously in their fight against contraband…

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