Abstract
Advancing technology has lead the way for major changes in payment systems. Payments for purchases of goods and services, can be made with crypto-assets, besides cash, electronic money or virtual assets. Crypto-assets are preferred by individuals due to lack of intermediary institution such as a bank, high transaction speed, low costs, global and encrypted. Crypto-assets encrypted through blockchain technology or other methods provide a significant level of anonymity in point of transfers. The feature of anonymity, offers individuals a noteworthy opportunity in terms of money laundering and financing of terrorism. In order to prevent these circumstances, “Regulation 2023/1113 of The European Parliament And Of The Council on Information Accompanying Transfers of Funds and Certain Crypto-Assets” has been enacted. In this study, the provisions of the Regulation regarding obligations of payment service and crypto asset service providers that enable the transfer of funds and crypto assets, definitions related to crypto assets, suspicious transaction reporting and the nature of the sanctions to be applied are examined.
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