EU prepares for groundbreaking reform of cryptocurrencies – To fight dirty money

European Union negotiators reached an agreement on Wednesday on regional anti-money laundering regulation of cryptocurrencies. The new legislation would force cryptocurrencies to verify the identities of their customers, Reuters reported.

The American Crypto Exchange Coinbase Globalin the rules they oppose would also force companies to report suspicious transfers on their platforms.

According to the European Parliament and the European Council, the aim is to combat dirty money flowing through crypts. The regulation would also apply to cryptocouples that are not controlled by official cryptocurrencies.

The rules require the approval of several operators before they can be implemented. Regulation would ensure that cryptocurrencies can be monitored in the future in the same way as traditional money transfers.

“New rules help police authorities link certain transfers to criminal activity and identify the people behind them,” Spanish Green MEP Ernest Urtasun tells Reuters.

A letter sent by cryptocurrencies to 27 European finance ministers hopes the new regulation will not go beyond the international anti-money laundering standards set by the Financial Action Task Force.

By Editor

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