Europe votes new KYC rules for crypto transactions

Tuesday 5 April 2022 13:29 CET | News

The European Parliament has voted to require all crypto transactions to include information on the parties involved, essentially outlawing anonymous crypto transactions.

The new Know Your Customer (KYC) rules, which would also cover transactions involving unhosted wallets, are aimed at curbing money laundering in Europe.

The EU vote underlines growing concern over the use of crypto for money laundering and other illicit activity, and the push to make crypto companies more accountable for the digital assets that flow through their platforms.

Crypto industry leaders denounced the EU vote as harmful to innovation and counterproductive.

Crypto companies have recently unveiled initiatives aimed at improving the industry’s KYC and anti-money laundering practices. They also unveiled a new industry organisation that would make it possible for members to comply with the Treasury Department’s Travel Rule, which requires that information about who is sending how much and to whom must ‘travel’ with that transaction.

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Keywords: KYC, cryptocurrency, regulation, transactions , money laundering
Categories: DeFi & Crypto & Web3
Companies: European Parliament
Countries: Europe
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DeFi & Crypto & Web3

European Parliament

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