Proposed changes to EU law would force companies that transfer Bitcoin or other crypto-assets to collect details on the recipient and sender.
The proposal has been made in a bid to make crypto-assets more traceable, the EU Commission claimed it would help stop money-laundering and the financing of terrorism.
The new rules would also prohibit providing anonymous crypto-asset wallets, however, the proposals could take two years to become law.
The EU Commission argued that crypto-asset transfers should be subject to the same anti-money-laundering rules as wire transfers.
“Given that virtual assets transfers are subject to similar money-laundering and terrorist-financing risks as wire funds transfers… it, therefore, appears logical to use the same legislative instrument to address these common issues,” the Commission wrote.
David Gerard, the author of Attack of the 50 Foot Blockchain, told journalists from the BBC: “This is just applying existing rules to crypto. This has been coming since 2019.”
“If you want to make real money, you have to follow the rules of real money,” he said.
To become law the proposals will need the agreement of member states and the European Parliament.
Editor-in-Chief | Carl D. Pearson has been involved in British politics and media from an early age, with the key knowledge of what it takes to run a news organisation for the 21st century. Mr Pearson, as Editor-in-chief, is responsible for supervising the daily tasks of publishing media and content to UNN’s website and various platforms.
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