EU plans to make Bitcoin transfers more traceable
Proposed changes to EU law would force companies that transfer Bitcoin or other crypto-assets to collect details on the recipient and sender. The proposals would make crypto-assets more traceable, the EU Commission said, and would help stop money-laundering and the financing of terrorism. The new rules would also prohibit providing anonymous crypto-asset wallets. The Commission argued that crypto-asset transfers should be subject to the same anti-money-laundering rules as wire transfers. While some crypto-asset service providers are already covered by anti-money-laundering rules, the new proposals would "Extend these rules to the entire crypto-sector, obliging all service providers to conduct due diligence on their customers," the Commission explained. Under the proposals, a company transferring crypto-assets for a customer would be obliged to include their name, address, date of birth and account number, and the name of the recipient. "If you want to make real money, you have to follow the rules of real money," he said.