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Anonymous crypto wallets before the end: EU wants more transparency in Bitcoin transfers



The EU pulls the reins when it comes to cryptocurrencies such as Bitcoin or Ethereum / Ether - to combat possible criminal activities such as money laundering. Anonymous crypto wallets should therefore be banned and crypto transactions should be disclosed.

The regulation of cryptocurrencies continues to advance worldwide. In the USA, for example, it is planned that in future all transactions with a volume above the limit of 100,000 US dollars will have to be reported to the tax authorities, the IRS . In China, trading in Bitcoin and Co. is completely forbidden. Now the EU is also facing the introduction of stricter rules. The EU states have agreed on a common position for new transparency rules for transactions in the crypto sector.

Bitcoin regulation against money laundering

The agreement is based on a legislative proposal presented by the European Commission in July, which is directed against money laundering and terrorist financing. "Today's agreement is an important step towards closing the loopholes in our financial systems that are maliciously exploited by criminals to launder illegal profits or finance terrorist activities," commented Slovenian Finance Minister Andrej Šircelj. Cryptocurrencies are increasingly exposed to the risk of being misused for money laundering and criminal purposes.

The common position now has to be negotiated in the European Parliament before it can be put into law. Specifically, anonymous crypto wallets are to be banned. In addition, service providers would have to make information about senders and recipients of crypto transactions transparent in the future. Objective: to identify possible criminal crypto transfers and, if necessary, to block them. Similar information has had to be made available for a long time in the area of ​​traditional money transfers.

Crypto mining in the EU under scrutiny

Bitcoin in particular is also under fire because of its high energy consumption and the negative effects of mining on the environment. The Swedish financial supervisory authority recently demanded that the so-called proof-of-work mining of cryptocurrencies such as Bitcoin, but also (still) Ethereum / Ether should be prohibited across the EU. In this area, too, China has been taking action against such activities for months.

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