Friday, May 9, 2025

EU Proposes Tighter Regulations on Cryptocurrency Transfers

Cryptocurrency transactions made in the European Union may soon be subject to tighter regulatory oversight, as the bloc’s policy makers propose a sweeping new set of rules targeted at mitigating dirty money.

According to Reuters, the European Commission has proposed to outlaw cryptocurrency transactions that are anonymous, in an effort to crackdown on terrorism financing and money laundering. The latest package of proposals, published on Tuesday, would make virtual currency transactions traceable, ban cash transactions in excess of $11,800, as well as create a new EU watchdog committee consisting of approximately 250 staff members that would overlook risky banking institutions.

If passed, the new regulations would require institutions that transfer crypto-assets such as bitcoin on behalf of customers to record the customer’s account number, name, address, and date of birth, as well as the recipient’s personal information. Institutions will also be barred from issuing anonymous digital currency wallets, similar to the ban that is already in place under the EU’s anti-money laundering regulations targeting anonymous bank accounts.

“We shouldn’t have different rules for the financial system. They should apply across digital currencies as well,” explained EU financial services commissioner Mairead McGuinness at a news conference. The latest package still needs to gain approval from the European Council and the European Parliament, which take until 2024 before the anti-money laundering body becomes fully operational.

Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

US Government Seizes $3.36 Billion Worth Of Crypto Found Hidden In A Popcorn Tin

Damian Williams, the United States Attorney for the Southern District of New York, and Tyler...

Monday, November 7, 2022, 03:44:00 PM

Bitcoin’s Market Cap Is Now Larger Than Mastercard and Visa Combined

Following a recent rally that once again sent Bitcoin soaring to a new record high,...

Wednesday, March 17, 2021, 10:24:00 AM

Canaccord Raises Coinbase Price Target Following Strong Earnings Growth

On August 10, Coinbase Global (NASDAQ: COIN) reported its second-quarter financial statements. For non-GAAP items,...

Saturday, August 14, 2021, 04:04:00 PM

Gold Is A Key Way To Store Value, Not Speculate – The Daily Dive feat John-Mark Staude

Today on the Daily Dive, we see the return of regular guest John-Mark Staude, CEO...

Thursday, April 22, 2021, 01:30:00 PM

Bitcoin Jumps After Tesla Begins Accepting Crypto as Payment for Cars

The price of bitcoin rose by nearly 5% to above $55,000 on Wednesday, after Elon...

Saturday, March 27, 2021, 04:47:00 PM