{"id":9890,"date":"2021-07-21T11:54:36","date_gmt":"2021-07-21T11:54:36","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/eu-proposes-law-to-ensure-full-traceability-of-crypto-transfers-ban-anonymous-wallets\/"},"modified":"2021-07-21T11:54:36","modified_gmt":"2021-07-21T11:54:36","slug":"eu-proposes-law-to-ensure-full-traceability-of-crypto-transfers-ban-anonymous-wallets","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/eu-proposes-law-to-ensure-full-traceability-of-crypto-transfers-ban-anonymous-wallets\/","title":{"rendered":"EU Proposes Law to \u2018Ensure Full Traceability\u2019 of Crypto Transfers, Ban Anonymous Wallets"},"content":{"rendered":"

The European Commission has proposed legislation to \u201censure full traceability of crypto-asset transfers, such as bitcoin,\u201d in order to prevent and detect \u201ctheir possible use for money laundering or terrorism financing.\u201d Moreover, \u201canonymous crypto asset wallets will be prohibited.\u201d<\/strong><\/p>\n

New EU Rules Ban Anonymous Crypto Transactions and Wallets<\/h2>\n

The European Commission presented a set of legislative proposals Tuesday aimed at strengthening the EU\u2019s anti-money laundering and countering terrorism financing (AML\/CFT) rules. Among the proposals is a revision of the 2015 Regulation on Transfers of Funds \u201cto trace transfers of crypto-assets.\u201d<\/p>\n

The proposals take into account \u201cnew and emerging challenges linked to technological innovation,\u201d including \u201cvirtual currencies, more integrated financial flows in the Single Market and the global nature of terrorist organisations,\u201d the Commission explained.<\/p>\n

At the heart of the proposed legislative package is the creation of a new \u201cEU-level Anti-Money Laundering Authority (AMLA).\u201d It will be \u201cthe central authority coordinating national authorities to ensure the private sector correctly and consistently applies EU rules.\u201d<\/p>\n

The proposals also include \u201cfull application of the EU AML\/CFT rules to the crypto sector.\u201d 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 sector, \u201cobliging all service providers to conduct due diligence on their customers.\u201d The European Commission described:<\/p>\n

Today\u2019s 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.<\/p>\n

<\/p>\n

The announcement adds that in applying full EU AML\/CFT rules to the crypto sector.:<\/p>\n

Anonymous crypto asset wallets will be prohibited.<\/p>\n

The Commission noted that \u201canonymous bank accounts are already prohibited by EU AML\/CFT rules.\u201d<\/p>\n

The legislative package will now be discussed by the European Parliament and Council. \u201cThe future AML Authority should be operational in 2024 and will start its work of direct supervision slightly later, once the Directive has been transposed and the new regulatory framework starts to apply,\u201d the European Commission concluded.<\/p>\n

What do you think about the European Commission\u2019s proposals? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, anonymous crypto transfers, anonymous crypto wallets, EU, eu aml rules, eu bans anonymous wallets, eu rules, eu travel rules, european commission, European Union<\/p>\n","protected":false},"excerpt":{"rendered":"

The European Commission has proposed legislation to \u201censure full traceability of crypto-asset transfers, such as bitcoin,\u201d in order to prevent and detect \u201ctheir possible use for money laundering or terrorism financing.\u201d Moreover, \u201canonymous crypto asset wallets will be prohibited.\u201d New EU Rules Ban Anonymous Crypto Transactions and Wallets The European Commission presented a set of…<\/p>\n","protected":false},"author":0,"featured_media":9891,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9890"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9890"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9890\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9891"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}