EU will make Bitcoin traceable and ban anonymous crypto wallets in anti-money laundering drive

  • Cryptocurrency exchanges could be forced to collect the details of people sending and receiving crypto under new rules proposed by the European Commission.
  • The proposed law would apply these rules to the entire crypto sector, forcing service providers like crypto exchanges to carry out due diligence on their users.
  • Anonymous crypto-asset wallets would also be banned under the new law – just as anonymous bank accounts already are – in an effort to make transactions using Bitcoin and other cryptos fully traceable.
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