Companies operating in the European Union will be required to collect data about participants in cryptocurrency transactions, including name, residential address, date of birth and account number.
The European Commission has proposed to prohibit the use of anonymous cryptocurrency wallets, as well as to oblige companies processing cryptocurrency transactions to track the personal data of participants in transactions, including name, residence address, date of birth and account number.
The new rules were developed as part of the European regulators’ fight against money laundering and terrorist financing.
“The amendments will ensure full traceability of transfers of cryptoassets, such as bitcoin, and will prevent and detect their possible use for money laundering or terrorist financing,” the draft law says.
In addition, the European Commission suggested prohibiting cash transfers in excess of € 10,000 in EU countries, while allowing individual countries’ authorities to impose a restriction for such transactions below this level at their discretion.
Since August 2020, it has been prohibited in Russia to anonymously deposit funds to e-wallets. The purpose of the ban is to combat illegal activities such as terrorist financing and drug trafficking.