European Parliament Might Bring Transparency To Crypto Transactions

• Some European Parliament members might vote for putting a halt on anon transactions associated with cryptocurrency from next week.
• Latest rules will also forbid cryptocurrency transactions in several jurisdictions. News came during week’s end, filled with digital asset regulation development across the globe.
• As of this writing, entire cryptocurrency market had a market capitalization of $2 Trillion, with BTC and ETH dominating the market.

Elimination Of Anonymous Transactions?

Members of European Parliament are reportedly strategizing to make a vote next week that, if triumphant, could put a halt to anonymous cryptocurrency transactions and bring transparency to non-hosted wallets.

Reports also recommends that European Union cryptocurrency users may get banned from transacting with specific jurisdictions.

Regulators at Economic Affairs Committee is also poised to involve cryptocurrency transactions to self-hosted or personal wallets in anti-money laundering checks and desire to halt digital asset transactions among EU and jurisdictions such as Honk Kong and Turkey.

Under persisting laws, payees are required to be recognized for any bank transaction over $1,099. National authorities of bloc have already stated that they want to scrap that reduced limit when expanding laws regarding digital assets — on the basis that bigger transfers could just be reduced to minor pieces, an activity called “smurfing.”

Urged by national laundering officials, who quote cryptocurrency’s utilization in funding terrorism as well as child abuse, regulators appear prepared to need identity checks for any size of digital asset payments.

Even right-wing regulators who oppose stepping towards bringing transparency to transactions seems to acknowledge they will not win vote.

Internal docs witnessed by a news website, dated 25th March recommends regulators will also tell cryptocurrency service providers to refrain from making or assisting any transactions deemed at extreme threat of money laundering or crime.

That will, in practice, make it challenging, or maybe impossible, to make transactions from European Union to anywhere considered as a tax haven by bloc, like UK and US Virgin Islands, Hong Kong, Turkey, and Russia, or locations such as Cayman Islands and Iran witnessed as dirty money hotspots.

One of the top regulators, accountable for marshaling parliament’s vantage point on law, also stated that she eyes to expand measures to involve privately held cryptocurrency assets, despite uncertainty over how transfers among unhosted wallets could be imposed.

More Crypto Law Developments

Numerous developments were witnessed in cryptocurrency regulations all over the globe this week, some more forgiving than rest. Deputy minister of comms in Malaysia put a proposal on table regarding digital asset adoption as a legal tender in nations.

Governor of Florida stated that his state is going to accept cryptos for tax transactions, while Indian authorities implemented a 1% tax on all cryptocurrency transfers.

Honduras kicked out all rumors involving adoption of Bitcoin as a legal tender, and Thailand put a ban on cryptocurrency payments.

A US committee passed a bill that may challenge feds to mitigate threats linked with El Salvador’s acceptance of BTC as legal tender.

Finally, Bank of England asserted a requirement for escalated regulatory oversight over cryptocurrency.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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