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homerun token
Home Cryptocurrencies

The European Union’s new AML proposal set to ban anonymous crypto wallets

LollyCrypt by LollyCrypt
10 months ago
in Cryptocurrencies
Reading Time: 3 mins read
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The EU’s Anti-Money Laundering (AML) will ensure full traceability of crypto-asset transfers, such as bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing.
The European Union’s new AML proposal set to ban anonymous crypto wallets

The third rule of the EU’s Anti-Money Laundering (AML) draft includes a cryptocurrency section. The Commission’s crypto-assets legislative proposal is in charge of regulating crypto-assets service providers.

This provision also applies to crypto-asset transactions; for example, Bitcoin (BTC) transfers will be required to supply the same information on the originator and beneficiary that is required for bank transfers.

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According to the EU’s research said;

Today’s amendments will ensure full traceability of crypto-asset transfers, such as bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing,” the Commission said in a statement

With the institutional acceptance of cryptocurrencies, there has also been a rise in crypto exchanges becoming a worldwide combat zone for cyber-crime.

Money in a decentralized system is anonymous and difficult to track, making it ideal for money laundering. Anti-Money Laundering rules have been developed all over the world to prevent this. The AML requirements, on the other hand, have a reputation for being severe and strict.

Exchanges that interfere with the daily operation of trading and exchange on their blockchains are required to submit specific reports under these regulations.

EU AIMS TO BAN ANONYMOUS CRYPTO-ASSET WALLETS

— *Walter Bloomberg (@DeItaone) July 20, 2021

The newly proposed AML requirements could make anonymous crypto wallets the first target.

The European Commission will present its long-awaited proposal on anti-money laundering (AML). Other countries frequently utilize the EU’s directives as a model.

Similar AML standards were recently suggested in the United States, with exchanges being required to record all transactions over $10,000.

With the introduction of the impending EU AML proposal and the Crypto clause, European crypto exchanges may face unreasonable and stringent restrictions in order to operate in the region.

Tags: AML proposalcrypto walletsEuropean Union

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