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The European Union fights against anonymous cryptotraders

Lawmakers are wary of using crypto currency for money laundering.

18.May.18 9:57 AM
By Shawn Highstraw


The European Union fights against anonymous cryptotraders
The use of digital currencies for criminal purposes is a problem that today worries the authorities of most states. At the same time, many countries are trying to unite their forces in the fight against money laundering, obtained dishonestly. Thus, the Council of the European Union presented a document related to the activities of crypto-currency companies in Europe. The adopted norms update the current legislation with regard to the risks that virtual money carries. This particularly applies to the use of crypto currency for the legalization of criminal proceeds.

As it became known, the new rules should reduce the anonymity of not only crypto traders, but also operations. It is assumed that the directive will help to stop the financing of criminals, but it will not harm the activities of payment systems.

The document stipulates that operators of crypto-exchange exchanges and purse providers should register suspicious transactions. The authorities are also empowered to control the use of digital money through these sites.

The rules presented in the Directive should be clarified by the EU members, who within one and a half years will make appropriate amendments to the national legislation.

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