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European Union’s New Guidelines Aim To Prohibit Anonymous Digital Currency Wallets

European Union’s latest Anti-Money Laundering proposal has incorporated a digital asset clause under its 3rd regulation. The Commission’s legislative proposal for virtual currencies is responsible for regulating digital assets service providers.

The aforementioned clause also extends to transfers in cryptocurrencies. For instance, on BTC transfers there needs to be a mandatory requirement to provide information on the sender and the counterparty that are hitherto commonplace for bank transfers.

In the latest report the European Union mentioned,

“Today’s amendments will ensure full traceability of crypto-asset transfers, such as bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing.”

The aforementioned regulations orders special reporting from cryptocurrency exchanges that impedes the regular working of trade and exchange on their blockchains.

The anonymous virtual currency wallets could be the 1st target under the newly proposed Anti Money Laundering guidelines.

The European Commission will be releasing its long due AML proposal. EU’s guidelines are time and again used as a template by other nations around the world. Lately, the United States proposed similar Anti-Money Laundering guidelines with the cryptocurrency exchanges required to report all the transactions that are above ten thousand dollars.

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