The European Commission proposes to oblige companies processing cryptocurrency transactions to collect personal data of senders and recipients. The European Commission has confirmed the submission of a new proposal calling for stricter regulation of anonymous wallets and cryptocurrency transactions. Rumors that they want to tighten regulation of cryptocurrency transactions in Europe appeared back in July, and now this has been officially announced.
The European Commission proposes to oblige companies that process cryptocurrency transactions to collect various personal data of senders and recipients: names, addresses, dates of birth, and account numbers. Naturally, after the introduction of such rules, cryptocurrency holders will not be able to use anonymous wallets for transfers. The European Commission believes that tightening regulation will help law enforcement agencies in the fight against money laundering.
" Today's amendments will ensure full traceability of transfers of crypto assets, such as Bitcoin, will prevent and detect their possible use for money laundering or terrorist financing, " - said a press release from the European Commission. " Also, anonymous wallets will be banned ."
“ These proposals were designed to strike the right balance between addressing these threats and adhering to international standards, while not creating an undue regulatory burden on the industry, ” the document explains. “ On the contrary, these proposals will help the development of EU crypto assets, as the industry will benefit from an updated and harmonized EU legal framework, ” the European Commission concluded.
If these rules come into force, then anonymous coins, which primarily include Monero, Zcash, and Dash, will, in fact, be banned, and the cost for conducting transactions on different sites may increase, as additional costs will be required in their infrastructure.