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European Union To Tighten Regulations Around Cryptocurrencies

The European Union (EU) is  planning to bring stricter regulations to block anonymous transfers of big hauls of cryptocurrencies. In its bid to curb money laundering activities in Europe and globally, EU is also mulling plans to have a uniform regulatory framework for all European countries. 

The European Commission, in its new proposal mandates that they would require additional information. Crypto payment services providers would have to collect this info from their clients. Effectively it would mean clients will have to submit additional details about their crypto holdings and transfers. 

Some details that are required according to the proposal include the name of the account holder/ wallet operator from where the transaction has been initiated. Their account number and where it’s registered. Also, the operators will have to share identification documents of their clients with government agencies. 

Currently, the proposal calls for sharing such info when the transaction exceeds 1,000 euros. The commission explains the move is important “in order not to impair the efficiency of payment systems and crypto-asset transfer services and in order to balance the risk of driving transactions underground as a result of overly strict identification requirements against the potential terrorist threat posed by small transfers of funds.”

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