Due to their anonymity, cryptocurrencies have long been associated with fraud, money laundering and other financial crimes. While users can track virtual money transfers, both the sender and recipient always remain anonymous. As part of the fight against illegal activities, the European Commission plans to ban anonymous transfers and wallets.
The European Commission’s proposals, presented this week, aim to protect citizens and the European Union’s financial system by enforcing anti-money laundering and anti-terrorist financing rules. The Commission promises to make it easier to detect and disrupt crime.
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The package consists of a total of four proposals, including the establishment of a new EU anti-money laundering and anti-terrorist financing body or a regulation containing applicable rules, including rules for due diligence on the client and his beneficial ownership.
Most of the measures are aimed at large companies, but some also concern the general public who hold cryptocurrencies. Under the new proposal, (as yet unspecified) service providers will be obliged to carry out in-depth inspections of their customers.
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