European Commission Seeks to End Anonymity of Bitcoin Transfers
In a sweeping effort to present an action plan to combat and curb terrorism financing, the European Commission is looking ascertain more information from virtual currency service providers in Europe. The services under the scanner include exchanges and wallets. The European Commission – the executive arm of the European Union – is looking to make several amendments to the Anti Money Laundering Directive (AMLD) in a new proposal through an action plan. The amendments, if enforced, are likely to be mandated by the second quarter of 2016. If the changes come into effect, exchanges and wallet....
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The European Council, a body within the European Union composed of heads of state as well as the president of the confederation's executive branch, will propose rules for digital currency exchanges and wallet providers in the region by June, according to statements today following a meeting in Brussels. The news comes on the heels of a move by the European Commission to set the stage for stricter oversight of exchanges and wallet service providers. On 2nd February, the Commission said that it seeks “to help identify the users who trade in virtual currencies”, as well as end “the anonymity....
The European Commission has proposed legislation to “ensure full traceability of crypto-asset transfers, such as bitcoin,” in order to prevent and detect “their possible use for money laundering or terrorism financing.” Moreover, “anonymous crypto asset wallets will be prohibited.” New EU Rules Ban Anonymous Crypto Transactions and Wallets The European Commission presented a set of legislative proposals Tuesday aimed at strengthening the EU’s anti-money laundering and countering terrorism financing (AML/CFT) rules. Among the proposals is a revision....
Bitcoin exchanges in Europe are soon to be regulated under the scope of Europe’s Anti-Money Laundering Directive. The European Commission issued a statement late Tuesday night detailing new efforts to control financial flows and money transfers, which it described as aimed at subverting terrorist financing. Among these mechanisms are bitcoin and other virtual currencies. The Commission “proposes to bring virtual currency exchange platforms under the scope of the Anti-Money Laundering Directive, so that these platforms have to apply customer due diligence controls when exchanging virtual....
The European Banking Association (EBA) has called for more details regarding the European Union's (EU) plan to impose tighter anti-money laundering (AML) controls on digital currency exchanges and custodial wallet services. The group, which counts more than 100 major banking institutions as members, offered comment yesterday on a prior proposal from the executive branch of the EU to bring exchange and wallet services under the Anti-Money Laundering Directive. Proponents say the move would end the perceived anonymity of purchases and transactions conducted using the technology. Still,....
The European Commission published a new directive draft last week proposing to extend strict anti-money laundering (AML) regulation to both virtual currency exchange services and custodial wallet providers. Intended to counter “money launderers, tax evaders, terrorists, fraudsters and other criminals,” the directive could mean that many Bitcoin companies in the E.U. will have to apply know your customer (KYC) types of checks on their users. The proposal, which particularly focuses on terrorist financing, intends to restrict the anonymous use of virtual currencies, presumably referring to....