European Union to Ban Cryptocurrency Anonymity in Anti-money Laundering Plan

📣 #European Union to Ban Cryptocurrency Anonymity in Anti-money Laundering Plan

👉 The European Commission wants to end anonymity in cryptocurrencies by establishing a new anti-money laundering agency to fight money laundering and hinder terrorism financing.

👉 The proposals released by financial services commissioner Maireád McGuinness aim to detect suspicious transactions & activities and close loopholes in the financial system.

👉 If the proposal is adopted, the EU will have central authority bodies for Anti-money Laundering (AML) and Countering the Financing of Terrorism (CFT) applicable for all crypto asset service providers and cryptocurrencies.

👉 The body would prohibit anonymous crypto asset wallets as systems want Bitcoin to follow the same rules as banks for making transactions.

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