CryptoWhistle - Crypto Currency Tracker logo CryptoWhistle - Crypto Currency Tracker logo
Seeking Alpha 2021-07-20 15:51:42

European Union proposes ban on anonymous cryptocurrency wallets

The European Union is proposing a ban on anonymous cryptocurrency transactions as part of a broader effort to fight money laundering and hinder terrorism financing.As part of its plan, the EU would create a new central authority the EU AML Authority ((AMLA)) to coordinate national supervisors for consistent application of EU rules. That step is also intended to improve cooperation among financial intelligence units.If the proposal is adopted, the EU's single rulebook for AML (anti-money laundering) and CFT (countering the financing of terrorism) would apply to all crypto asset service providers and to cryptocurrencies, the EU's fact sheet said.Specifically, the body would prohibit anonymous crypto asset wallets. In other words, systems like bitcoin would have to follow the same rules as banks making wire transfers.Cryptocurrencies were already weak in Tuesday morning trading. At midday, bitcoin (BTC-USD) stays below $30K at ~$29.9K; ethereum (ETH-USD) trades at about $1,798; Binance Coin (BNB-USD)

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.