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Europe Considers Banning Anonymous Wallets To Easier Tracking Of Cryptocurrency Transactions

The European Commission is seeking to approve a ban on anonymous digital wallets in order to regulate cryptocurrency transfers. | Font: spill

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Europe seeks to deal with cryptocurrencies easier to trace so you are considering a ban anonymous digital wallets on its territory for the purpose of regulating the market through laws against money laundering and terrorist financing.

European Commission (EC) is already evaluating a limitation for all service providers related to cryptocurrencies that will prevent them from offering anonymous wallets to its users in order to more effectively control the movements in this market. In addition, already existing rules on money laundering and the like will be extended to everything related to cryptocurrencies, including crypto asset service providers (CASP).

The official statement published on the website of the European Commission states that “Modifications guarantee full traceability of the transfer of crypto assets such as bitcoin or ethereumand will prevent and detect their possible use for money laundering or terrorist financing.”.

No more cryptocurrency transfers without personal data

If these new market restrictions cryptocurrenciesrelated service providers will be required to collect Personal data of their customers, such as name, home address, official identification number, customer identification number, or date and place of birth.

Currently, there are only a few categories of service providers. cryptocurrencies falls within the scope of the standards referred to European Commission. “The proposed reform will extend these rules to the entire cryptocurrency sector, forcing all service providers to follow this process.”“, he wrote in a statement.

cryptocurrencies
If these measures are approved, crypto-active services will be forced to request personal data from their customers. | Font: spill

Cryptocurrencies and their use in illegal activities

As for the stricter rules against anonymity of transmission cryptocurrencies, European Union (EU) The company has been evaluating these standards for some time, but now it can finally specify them. However, the EC is concerned that differences in laws EU member states to solve money laundering and terrorist financing can be used by organized crime.

Expected that European Parliament vote for these rules when they are proposed in the near future. “The transfer of virtual assets today is outside the scope of Union financial services legislation. The absence of such regulations exposes crypto asset holders to the risk of money laundering and terrorist financing.”mentions the original proposal.

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Source: RPP

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