in

European bill would require the identification of all transactions with bitcoin

The European Commission is proposing a regulatory adjustment so that all transactions with bitcoin (BTC) and other cryptocurrencies are not only traceable, but also identifiable with user data. The agency is pushing for all digital asset providers to apply the so-called “travel rule” to operations.

The “travel rule” is that all operations that exceed a set amount, for example 1,000 euros, They must record the data of who sends and receives the funds. This information must contain: names and surnames, amount and date of the operation, physical address of both participants, date of birth and number of associated accounts, all as a KYC or “Meet your client” control.

In this case, exchanges in all their forms, whether centralized, decentralized, custodial services or P2P platforms, must comply with the regulation. The European Commission would toughen the measures with the premise of fighting money laundering and terrorist financing (AML / CFT).

‘At present, only some categories of crypto asset service providers are included in the scope of the AML / CFT rules of the European Union. The proposed reform will extend these rules to the entire cryptocurrency sector, forcing all service providers to apply due diligence to their customers, ”the commission said.

Tighter regulation on Bitcoin

The legislative adjustment that the organization intends to establish follows the guidelines provided by the Financial Action Task Force (FATF). This organization has in the past issued suggestions for countries and other institutions to establish stricter regulations in relation to the bitcoiner ecosystem, a fact reported by CriptoNoticias.

According to the European Commission, the implementation of such legislation “will guarantee full traceability” of cryptocurrency transactions. Along this same regulatory line, the commission also wants anonymous cryptocurrency wallets to be banned.

Confirmed transactions per day on the Bitcoin network during the last year. Source: blockchain.com.

On this point the authorities what they would look for is that, if a person is going to make a withdrawal from an exchange, for example, the user must first provide the address to which the funds are destined. That is, each operator I could only withdraw funds to the addresses provided and not to any address of BTC.

It is important to mention that the traceability of operations with bitcoin, for example, is one of the characteristics by nature of its network. Any person, entity or regulatory body can monitor the operations of its users.

Now the European Parliament and the member states of the union are the ones who will determine if the legislation proceeds or is rejected. In any case, the deliberations and a possible adoption of the proposal could last for two years.

PARANAENSE VS AMÉRICA DE CALI, SOUTH AMERICAN CUP 2021, EIGHTH OF FINAL, TODAY, JULY 20

Yelena Belova would appear in several episodes of Hawkeye