According to the new rules for combating money laundering and terrorist financing, approved by the European Parliament, crypto exchanges and electronic wallets will have to identify their customers by analogy with banks.
The requirements apply to financial participants within the territory of the European Union, the official website of the ministry says.
“In order to avoid money laundering, concealment of income and tax evasion, operators of crypto-exchange exchanges and purse suppliers will be obliged to conduct a comprehensive audit of their clients, including verification, a practice used by regulated financial organizations. Platforms and providers of crypto-exchange services should also receive a license for their activities, “representatives of the parliament said.
In addition, Member States of the European Union reserve the right to provide wider access to information in accordance with their national legislation. They are given a year and a half to include new requirements, which will come into force on April 23.
“Criminal behavior does not change. Criminals use anonymity to launder their illegal proceeds or finance terrorism. This regulatory act will help to eliminate threats to our citizens and the financial sector by expanding access to information about people behind companies and tightening the rules governing cryptocurrencies and anonymous prepaid cards, “European Parliament deputy Krisanis Karins said.
Author: Marko Vidrih