The EU will oblige the crypto currency exchange to identify clients

In the framework of the fight against money laundering and the financing of terrorism, the EU authorities intend to introduce more stringent requirements for cryptocurrency exchanges. This initiative also stems from the fact that the price of bitcoin has increased more than 1,700% since the beginning of the year, raising fears that the cryptocurrency market is effectively paced bubble.

In particular, lawmakers intend to ban the operations on condition of anonymity, to limit the opportunities for using prepaid cards, and also require the stock exchanges and wallets that provide services for the exchange and storage of cryptocurrency, to identify their clients.

In relation to innovation, the investigators expect to have more access to information, including banking records and data on trust property.

The rules will enter into force once formally approved by all member States of the EU, and then adopted at the national level within 18 months.

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