New EU Proposals Seek to End Anonymous Bitcoin Trading

The European Union (EU) has been working on plans to fight against tax avoidance strategies since the Panama Papers scandal in May, where leaked documents exposed how the rich and powerful use tax havens to hide their wealth.

Also read: EU Parliament Approves Bitcoin Regulatory Guidelines

Biggest Leak in History

The Panama Papers release was the largest document leak in panama papershistory, far larger than the U.S. military leaks posted to Wikileaks in 2010.

Comprising of 1.5 million documents, the leak reveals financial and attorney–client information for more than 214,488 offshore entities, released from one of the world’s most secretive companies, a Panamanian law firm called Mossack Fonseca.

Vera Jourova, the European justice commissioner, told the Financial Times:

“‘stricter transparency’ had become a ‘priority’ in the wake of the Panama revelations.”

New EU Push to Include Bitcoin Exchanges

bitcoinsThe current EU transparency rules for shell companies and trusts have many loopholes, which have often been criticized. The new drive seeks to close these gaps, especially those which allow for tax avoidance strategies.

Among the measures the EU proposes is an effor to end anonymous trading on bitcoin exchanges and other virtual currency platforms. They hope to achieve

Read more ... source: TheBitcoinNews