The EU is waiting for citizens who voluntarily report on cryptocurrency wallets

On Monday came into force on the fifth EU Directive on combating money laundering and the financing of terrorism, reports Cointelegraph. It establishes a new legal framework for financial authorities, which will deal with the regulation of cryptocurrencies to identify illegal actions.

In the accompanying press release from the EU Commission spoke about the presentations of more stringent requirements for transparency of transactions and exchange transactions on the stock exchanges. Moreover, the Directive implies the development of cooperation between the bodies of counteracting money laundering and financial Supervisory authorities. In their number also included the European Central Bank.

Anonymity of cryptocurrencies – a matter of time

To ensure the protection of European citizens ‘ oversight bodies should have the opportunity to observe how the use of cryptocurrency. First and foremost, this requires the ability to associate addresses of cryptocurrency wallets with real people. This is already successfully doing some companies.

Anonymity is is exactly what prevents regulators to identify financial crime. The European Commission expects that in the future, holders of the cryptocurrency will voluntarily report the addresses of their wallets. For this to be a special platform.

The Directive does not affect some cryptocurrency. It bypasses the assets that are used locally or in a limited number of people. As for the rest, the countries-EU members have 18 months to legislate for their regulation in accordance with the Directive.

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The message the EU is waiting for citizens who voluntarily report on cryptocurrency wallets appeared first on Bitcoin Two.

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