EU proposes law to 'ensure full traceability ' of crypto Transfers, ban anonymous wallets
The European Commission has proposed legislation to "ensure full traceability of transfers of crypto assets, such as bitcoin", in order to prevent and detect "their possible use for money laundering money ou the financing of terrorism ”. In addition, "anonymous crypto asset wallets will be banned ".
New EU rules prohibit anonymous crypto transactions and wallets
The European Commission presented on Tuesday a set of legislative proposals aimed at strengthening EU rules in the fight against money laundering and the financing of terrorism (AML / CFT). Among the proposals is a revision of the 2015 regulation on remittances "to trace transfers of crypto-assets".
The proposals take into account "new and emerging challenges related to innovation technological ”, including“ currencies, more integrated financial flows in the single market and the global nature of terrorist organizations ”, explained the Commission.
At the heart of the proposed legislative package is the creation of a new Money Laundering Authoritynt (AMLA). It will be "the central authority coordinating national authorities to ensure that the private sector applies EU rules correctly and consistently".
The proposals also include "full application of the rules of the EU on AML / CFT to the cryptography sector ”. The commission explained that currently only certain categories of crypto service providers are included in the scope of the EU AML / CFT rules. The proposals extend the rules to the entire industry, "requiring all service providers to exercise due diligence vis-à-vis their customers ". The European Commission described:
The announcement adds that by applying the full from EU AML / CFT rules to the crypto sector:
The Commission noted that "anonymous bank accounts are already prohibited by the rulesof the EU on AML / CFT ”.
The legislative package will now be discussed by the European Parliament and the Council. "The future AML Authority should be operational in 2024 and will start its direct supervision work a little later, once the directive has been transposed and the new regulatory framework begins to apply", the European Commission concluded.
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