EU to introduce crypto traceability law

The European Commission has proposed new financial laws including legislation that will impact the cryptocurrency sector.

On Tuesday, the commission presented a number of legislative proposals to strengthen the EU’s existing anti-money laundering and countering terrorism financing (EU AML/CFT) rules.

At the moment, only certain categories of crypto-asset service providers are included in the scope of EU AML/CFT legislation.

The proposed reform will extend these rules to the entire crypto industry, obliging all service providers to conduct due diligence on their customers.

The 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.

In addition, anonymous crypto asset wallets will be prohibited, fully applying EU AML/CFT rules to the crypto sector.

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