EU Moves To Make Bitcoin Transfers More Traceable

Share post:

The EU plans to make Bitcoin transfers more traceable. Changes in EU law could force companies transferring Bitcoin or other cryptocurrencies to collect details of recipients and senders.

A company transferring crypto assets to a customer would be required to provide the recipient’s name, address, date of birth and account number in addition to the name of the recipient.

While the Commission stated that the new rule will exclude the submission of anonymous wallets for crypto investments, it said: “Given that virtual assets transfers are subject to similar money-laundering and terrorist-financing risks as wire funds transfer… it therefore appears logical to use the same legislative instrument to address these common issues.”

In order to become a real law, the proposal must pass the Member States and the European Parliament.

For more information, read the original story on the BBC.

Featured Tech Jobs

SUBSCRIBE NOW

Related articles

US supports Japans ambitions to return to leadership in chip manufacturing

Japan has embarked on a monumental $67 billion initiative to reclaim its stature as a global semiconductor titan,...

One billion dollar copyright infringement killed on appeal

The $1 billion copyright infringement verdict against Cox Communications was overturned by a federal appeals court, which ruled...

Colorado app addresses food waste and feeds “food insecure”

In Denver and Boulder, Colorado the Too Good To Go app is changing the way we tackle food...

Polar: A new way of funding open source projects

A company called Polar is introducing a new idea in open-source funding, aiming to allow open source developers...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways