EU Bans Anonymous Cryptocurrency Transactions

NFT, crypto

Published 2 years ago

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EU Bans Anonymous Cryptocurrency Transactions

NFT, crypto,

Published 2 years ago

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Operators of cryptocurrency exchanges and other services are thus forced to collect the personal data of all participants in a transaction. If one of the wallets is not hosted by an official provider, the platform must verify the personal data before the transaction can be processed.

The EU Parliament has passed by a narrow majority a law that prohibits the anonymous transfer of cryptocurrencies such as Bitcoin, Ethereum and co.

This is likely to split the cryptocurrency community into two camps. On the one hand, there are those who have their wallet on an official platform and can only interact with previously approved wallets. While on the other side are the users taking advantage of decentralized applications in the P2P space.

This notification must be made regardless of whether or not there is a suspicion of money laundering.

cryptocurrency exchanges will have to inform the competent authority on money laundering AML of each transaction that exceeds 1,000 euros.

Cryptocurrencies in the EU. Users will inevitably be forced to switch to decentralized offerings

It is not yet the final rule, because in mid-April the legislation still has to go through a committee made up of representatives of the European Parliament, the European Council and the European Commission.