Unlike traditional currencies, what happens around the world has a dramatic impact on cryptocurrencies. In the latest crypto asset regulation news, actions in the European Union are creating ripples in how other countries may begin to handle cryptocurrency transfers.
to Decrease Anonymity
EU has developed a proposal that would impact companies that transfer
any type of cryptocurrencies or crypto assets. The proposal calls for
the increased data collection on identifiers and information on those
sending and receiving cryptocurrencies.
European Commission has developed a “travel rule” that
requires the movement of cryptocurrencies to become traceable to
attempt to reduce the use of crypto coin in moving illegal or “dirty”
money. This travel rule is identical to the current rule accepted and
used by the Financial Action Task Force in the monitoring of the
movement of money through wire transfers.
statements provided to crypto asset
regulation news, the European Commission reports this proposal
will assist in detecting and preventing the use of cryptocurrencies
for terrorism or for money laundering, a concern that has a global
addition to identifying information about the sender and receiver,
the companies handling the cryptocurrency transfer cannot provide any
form of anonymous cryptocurrency wallets, something that has been
possible up to this time.
If the proposal moves forward, and crypto asset regulation news seems to indicate this will happen, it can take up to two years to implement the proposal and create the laws specific to this amendment.
To keep up with the latest in crypto asset regulation news, visit Blockchain Asset Review. Articles, commentary, and changes in regulations can be found at blockchainassetreview.com.
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