The European Commission has proposed legislation requiring cryptocurrency exchanges and other companies to ensure that crypto-asset transfers include the personal data of affected customers.
This information is set to include the name, address, and date of birth of the sender, as well as the name of the recipient. Anonymous crypto-asset wallets are also banned under the proposals, which are supposed to ensure that crypto-payments and the like are transparent and traceable. After all, anonymous bank accounts are already banned by the EU.
Europe has rules in place to crack down on money laundering, and the proposed laws would extend that bureaucracy to “the entire crypto industry, requiring all service providers to do due diligence on their customers.” According to an announcement this week. Officials also want to limit all cash payments to € 10,000 in all member states, making it more difficult to transfer large sums of money. EU countries with lower limits can keep these limits.
“Money laundering poses a clear and current threat to citizens, democratic institutions and the financial system,” said Mairead McGuinness, EU Commissioner for Financial Services, Financial Stability and the Markets Union. capital.
“The scale of the problem cannot be underestimated and the loopholes that criminals can exploit must be closed. Today’s package dramatically intensifies our efforts to prevent dirty money from being dumped into the financial system. “
To ensure compliance with these rules, the committee suggested the creation of an Anti-Money Laundering Authority (AMLA). The unit will work directly with financial institutions and oversee “some of the riskiest financial institutions that operate in a large number of member states or require immediate action to deal with imminent risks”.
“Each new money laundering scandal is one scandal too many – and a red flag that our work to close the loopholes in our financial system is not yet over,” said Valdis Dombrovskis, EU Commissioner for trade.
“We have made enormous progress in recent years and our EU [anti-money laundering] the rules are now among the strictest in the world. But now they need to be applied consistently and closely monitored to make sure they really bite. That is why we are taking these bold steps today to close the door on money laundering and prevent criminals from lining their pockets with ill-gotten gains. “
If Europe quickly moves forward with the proposed legislation, it is expected to come into force from 2024.
We’ll quote the price of, say, Bitcoin here as an illustration of how crypto fans took this news the wrong way, although in all fairness the currency has been up and down, and down, and down, up. general; it fell below $ 30,000 each this week, but is back above $ 31,000 right now. ®