EU draft legislation outlines plan to regulate digital currencies

posted over 1 year ago
EU Parliament members have published new draft legislation outlining their plans to regulate digital currencies.

New draft published on 9th March details how MEPs plan to empower financial watchdogs in the EU, allowing them to collect more data on digital currency users. What's more, it sets the stage for the creation of databases in which wallet addresses would be linked to particular identities.

At one point, the language declares that, in the view of the Parliament, "virtual currencies should not be anonymous".

The legislation, if finalized and approved, would also create the conditions for national-level financial intelligence gatherers to share that information once obtained.

The draft bill states:

"To combat the risks related to the anonymity, national Financial Intelligence Units (FIUs) should be able to associate virtual currency addresses to the identity of the owner of virtual currencies. In addition, the possibility to allow users to self-declare to designated authorities on a voluntary basis should be further assessed."
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