EU proposes crypto restrictions in anti-money laundering regulations
It is reported that according to the latest draft of the EU anti-money laundering regulations it has obtained, the current version of the draft may prohibit th…
It is reported that according to the latest draft of the EU anti-money laundering regulations it has obtained, the current version of the draft may prohibit the use of encrypted assets and anonymous tools that enhance privacy, including private wallets or cryptocurrency mixers, but these restrictive provisions do not apply to self-managed wallets. In terms of transaction restriction rules, the latest version of the European Parliament’s review of the Anti-money Laundering Act led to the document changing the self-hosted wallet to the self-hosted address.
The new draft of EU anti-money laundering regulations will prohibit private wallets and currency mixers, and will not prohibit self-managed wallets
Interpretation of the news:
The European Union has proposed new regulations for anti-money laundering (AML) in a draft that may restrict the use of encrypted assets and anonymous tools that enhance privacy. The regulations are designed to prevent money laundering and terrorist financing activities. The draft proposed that the use of private wallets and cryptocurrency mixers be prohibited, but self-managed wallets would be exempted from these restrictive provisions.
The EU’s push for transparency in the crypto industry is meant to bring it in line with the traditional financial sector. Anonymous transactions and the use of private wallets have raised concerns that these tools could be used to launder money and fund terrorist organizations. However, cryptocurrency enthusiasts argue that these new regulations would infringe on their privacy and hinder the growth of the sector.
The latest draft from the European Parliament’s review of the Anti-Money Laundering Act has changed the term “self-hosted wallet” to “self-hosted address”. This change will help regulators to distinguish between individual users and large cryptocurrency exchanges, which have been involved in numerous scandals with ties to money laundering and terrorism in recent years.
The proposed regulations are part of a larger effort by the EU to bring transparency and accountability to the financial sector. This push for change comes in the wake of several high-profile money laundering scandals, which have dominated headlines in recent years.
In conclusion, the EU’s proposed regulations are likely to have significant consequences for the cryptocurrency industry. While some argue that these measures are necessary to combat money laundering and combat terrorism, others worry that the increased scrutiny will stifle innovation in the sector. Overall, it is clear that the crypto industry must find a way to balance privacy concerns with regulatory compliance, in order to continue to grow in the coming years.
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