The European Commission wants to end anonymous trading in cryptocurrencies

Yesterday the EC published an “Action Plan to strenghten the fight against the financing of terrorism” which states that criminals are quick to seek out new ways of moving money that offer lower risk of detection.

 

 

The action plan doesn’t offer evidence of terrorism being financed bycryptocurrencies such as Bitcoin, it does feel better to contemplate regulation as part of the fight against terror attacks.

The plan therefore wants the European Anti-Money Laundering Directive (AMLD) to keep a close eye on the exchange platforms of the cryptocurrencies. This would mean that the providers would have to report who used the services, and for what purpose.

 

 

The terrorist financing risk posed by prepaid cards is essentially linked to those anonymous (reloadable or non-reloadable) prepaid cards run on domestic or international schemes. The key question is how to address the concerns raised by the anonymity of such general purpose cards without wiping out the benefits that these instruments offer in their normal use.” As an answer to the question above, the Commission will present further changes to the AMLD, focussing particularly on reducing existing exemptions such as thresholds below which identification is not required. The Commission is currently exploring the detailed design of such measures, taking into account their impact and the need for proportionality.

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