The European Union (EU) wants to ban anonymous cryptocurrency wallets trading ,to take action against money laundering and terrorist financing to protect EU citizens and the financial system.
The package, launched on Tuesday, consists of four laws that apply to all cryptocurrencies and all crypto asset services.
The proposal includes the creation of a new EU body to transform the fight against money laundering and terrorism. Financial supervision of large-scale cash transactions and the establishment of EUR 10,000 (USD 11,800) at EU level.
The proposal says: Today’s changes provide full traceability of transfers of cryptocurrencies such as bitcoin. Providing anonymous wallets for cryptoassets is also prohibited because anonymous bank accounts have been blocked.
Changes include name, address, date of birth, account number, and receipt of the sender of the cryptoasset. Referring to the information gathered, the proposal said:
The Commission will also allow law enforcement agencies to access this system to facilitate financial investigations and the seizure of criminal assets in cross-border incidents. Cryptocurrency and all crypto services. “Combating money laundering and terrorist financing is critical to the financial stability and security of Europe,”
The proposal says legal loopholes in member states affect the entire EU. The package must be approved by the European Parliament and the Council of Europe with a view to introducing a new EU body by 2024.
In the midst of recent cyberattacks, criminals demanded ransom because transactions were anonymous or difficult to trace.
In the US, the Biden government is trying to track down cryptocurrencies used in cyberattacks and is reportedly offering a $10 million reward for information that could help catch criminals.
