Under the new rules for combating money laundering and the financing of terrorism approved by the European Parliament, cryptocurrency exchanges and e-wallets will have to identify their clients by analogy with the banks.
Requirements apply to financial participation within the EU, according to the official website of the Department.
«In order to avoid money laundering, tax evasion and deviations from the tax, operators of cryptocurrency exchanges and wallets suppliers will be required to conduct a comprehensive review of its customers, including verification practices used by regulated financial institutions. Platform and providers of cryptocurrency services must also obtain a license to operate,» say the representatives of the Parliament.
In addition, member States of the EU retain the right to provide broader access to information in accordance with its national legislation. They are given half a year to incorporate new requirements that will take effect from 23 April.
«Criminal behavior is not changed. Criminals use the anonymity to launder their illicit proceeds or financing of terrorism. This legal act will help to mitigate the threats to our citizens and the financial sector, expanding access to information about the people behind the companies and tightening the rules governing cryptocurrency and anonymous prepaid cards,» – said the MEP Krisjanis Karins.