EU commission has revealed that its proposed changes to EU law will make Bitcoin or crypto-assets transfers more traceable.

The commission revealed the law would force companies that transfer Bitcoin or other crypto-assets to collect details on the recipient and sender.

This development, the EU said, would help stop money-laundering and the financing of terrorism.

The rule would also prohibit providing anonymous crypto-asset wallets.

The Commission said, “Given that virtual assets transfers are subject to similar money-laundering and terrorist-financing risks as wire funds transfers… it therefore appears logical to use the same legislative instrument to address these common issues.”

The Commission’s proposed rules could take two years to become law.

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