EU Authorities Plan to Destroy One of the Cryptocurrency's Main Features

December 18, 2017

EU Authorities Plan to Destroy One of the Cryptocurrency's Main Features

Within the framework of fighting against terrorism financing and money laundering the authorities of the European Union plan to put an end to the anonymity of crypto exchanges.

The legislators' main requirement is to limit the transactions conducted on anonymity terms and the use of prepaid cards. The authorities justify this by saying that these measures will expand the capabilities of law enforcement agencies in the fight against cybercrime.

The representatives of the European Commission noted that exchanges and cryptocurrency wallets, through which it is possible to exchange and store cryptocurrencies, will be required to provide data on their customers, including bank registers and data on trust property.

For the requirements to enter into force, they must be approved by all EU states and then adopted at the national level within 18 months.

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