New EU Directive May Impose Anti-Money Laundering Regulations on Bitcoin Wallet Providers

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The European Commission published a new directive breeze final week proposing to extend despotic anti-money laundering (AML) law to both practical banking sell services and custodial wallet providers. Intended to opposite “money launderers, taxation evaders, terrorists, fraudsters and other criminals,” a gauge could meant that many Bitcoin companies in a E.U. will have to request know your patron (KYC) forms of checks on their users.

The proposal, that quite focuses on militant financing, intends to shorten a unknown use of practical currencies, presumably referring to bitcoin and altcoins.

According to a breeze published by a executive arm of a European Union:

“Transactions with practical currencies advantage from a aloft grade of anonymity than exemplary financial account transfers and therefore entail a risk that practical banking might be used by militant organizations to disguise financial transfers. Possible serve risks describe to a irreversibility of transactions, means of traffic with fake operations, a ambiguous and technologically formidable inlet of a industry, and a miss of regulatory safeguards.”

As such, a European Commission recommends that existent anti-money laundering law should request to practical banking services, and, in particular, to exchanges and custodial wallet providers.

The European Commission writes:

“[T]o forestall injustice of practical currencies for income laundering

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