EU Policymakers Unveil Plan To Regulate Bitcoin and Crypto Transactions

EU Policymakers Unveil Plan To Regulate Bitcoin and Crypto Transactions


EU policymakers are discussing a plan to increase regulatory oversight of the emerging cryptocurrency industry.

A new proposal from the European Commission (EC) would require businesses to maintain records of the name, address, date of birth and account number of clients as they move cryptocurrency from one wallet to another.

 

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The rules are designed to identify the senders and recipients of crypto transactions, mirroring the know-your-customer and anti-money laundering requirements used when customers wire money from one bank account to another.

“The crypto-asset service provider of the originator must ensure that transfers of crypto-assets are accompanied by the name of the originator, the originator’s account number, where such an account exists and is used to process the transaction; and the originator’s address, official personal document number, customer identification number or date and place of birth; the crypto-asset service provider of the originator must also ensure that transfers of crypto assets are accompanied by the name of the beneficiary

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