• Latest
New EU proposal looks to tighten regulations for sending cryptocurrency

New EU proposal looks to tighten regulations for sending cryptocurrency

July 21, 2021
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Ethereum

New EU proposal looks to tighten regulations for sending cryptocurrency

coinnewsdaily by coinnewsdaily
July 21, 2021
in Ethereum
0
New EU proposal looks to tighten regulations for sending cryptocurrency
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
Cointelegraph

The European Commission has submitted a new proposal that would require crypto-asset service providers to collect additional Anti-Money Laundering information from those who utilize cryptocurrency for money transfers. The stated purpose of this proposal is to prevent the further propagation of money laundering activity within the European Union.

Under this proposal, service providers conducting transfers must have the name of the originator of the transfer, the account number, where the account exists and where it is used to process the transaction. The originator’s address, official personal document number, customer ID number, or date and place of birth would also be required under the proposal. Service providers would similarly need to ensure that the name and account number of the beneficiary are included with the transfer, along with information about where that account exists. The beneficiary’s crypto-asset provider would also need procedures in place to detect whether the information for the originator of the transfer is included or is missing.

Related articles

5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022

These additional information requirements would kick in when a transfer exceeds 1,000 euros or when a series of payments appears to be linked and the total exceeds 1,000 euros, “in order not to impair the efficiency of payment systems and crypto-asset transfer services and in order to balance the risk of driving transactions underground as a result of overly strict identification requirements against the potential terrorist threat posed by small transfers of funds, ” the commission says in the proposal.

In cases where there is a series of payments exceeding 1,000 euros that do not appear to be connected, the payment service provider would not need to verify the information unless it “effects the pay-out of the funds in cash or in anonymous electronic money” or the provider “has reasonable grounds for suspecting money laundering or terrorist financing.”

The updated requirements were part of four legislative proposals put forth by the European Commission on Tuesday. All of the proposals were aimed toward the goal of improving the detection of suspicious transactions and stopping money laundering and the financing of terrorist activities. The European Parliament will have the final say on the proposals, and it could take up to two years before the proposals become law.

Tags: Cryptocrypto-asset transfer servicesCryptocurrencyEthereumEuropean ParliamentEuropean UnionFrench governmentMoneyOfficialPayment systems
Share76Tweet47
Previous Post

European Commission Targets ‘Crypto Wallets’ And Citizens’ Privacy

Next Post

European Commission Clarifies What It Means By ‘Anonymous Crypto Wallets’

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
things you should know before investing in nfts
Alt Coin

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum
Alt Coin

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
btc and eth will break all time highs in 2022 — celsius ceo
Bitcoin

BTC and ETH will break all-time highs in 2022 — Celsius CEO

April 21, 2022
Load More
Next Post
European Commission Clarifies What It Means By ‘Anonymous Crypto Wallets’

European Commission Clarifies What It Means By 'Anonymous Crypto Wallets'

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$29,845.00-0.90%
  • ethereumEthereum(ETH)$1,948.83-2.96%
  • tetherTether(USDT)$1.000.10%
  • binancecoinBNB(BNB)$328.02-2.13%
  • rippleXRP(XRP)$0.408216-0.47%
  • cardanoCardano(ADA)$0.52-2.27%
  • SolanaSolana(SOL)$48.17-3.83%
  • dogecoinDogecoin(DOGE)$0.083036-1.82%
  • polkadotPolkadot(DOT)$9.89-3.34%
  • tronTRON(TRX)$0.0850742.95%
  • Shiba InuShiba Inu(SHIB)$0.000012-1.40%
  • daiDai(DAI)$1.000.23%
  • litecoinLitecoin(LTC)$68.12-3.91%
  • CronosCronos(CRO)$0.184957-4.15%
  • leo-tokenLEO Token(LEO)$4.92-1.81%
  • matic-networkPolygon(MATIC)$0.66-1.31%
  • FTX TokenFTX Token(FTT)$28.84-4.38%
  • bitcoin-cashBitcoin Cash(BCH)$190.83-3.15%
  • moneroMonero(XMR)$199.952.04%
  • OKBOKB(OKB)$12.72-1.58%
  • stellarStellar(XLM)$0.132656-0.52%
  • chainlinkChainlink(LINK)$7.01-4.31%
  • cosmosCosmos Hub(ATOM)$10.82-3.48%
  • ethereum-classicEthereum Classic(ETC)$23.21-7.85%
  • algorandAlgorand(ALGO)$0.405566-2.73%
  • vechainVeChain(VET)$0.031508-1.61%
  • tezosTezos(XTZ)$2.186.29%
  • ElrondElrond(EGLD)$86.29-4.54%
  • Internet ComputerInternet Computer(ICP)$7.76-2.61%
  • filecoinFilecoin(FIL)$8.13-4.73%
  • AaveAave(AAVE)$104.870.45%
  • eosEOS(EOS)$1.33-2.36%
  • theta-tokenTheta Network(THETA)$1.25-2.66%
  • zcashZcash(ZEC)$96.30-4.99%
  • makerMaker(MKR)$1,263.83-3.17%
  • huobi-tokenHuobi Token(HT)$7.00-0.91%
  • bitcoin-cash-svBitcoin SV(BSV)$53.12-1.22%
  • paxos-standardPax Dollar(USDP)$1.000.10%
  • iotaIOTA(MIOTA)$0.336150-1.73%
  • PancakeSwapPancakeSwap(CAKE)$4.79-3.34%
  • neoNEO(NEO)$11.820.99%
  • zilliqaZilliqa(ZIL)$0.051930-1.07%
  • KusamaKusama(KSM)$80.55-2.66%
  • dashDash(DASH)$63.11-0.57%
  • basic-attention-tokenBasic Attention Token(BAT)$0.3936430.04%
  • havvenSynthetix Network Token(SNX)$2.64-0.78%
  • wavesWaves(WAVES)$5.48-4.76%
  • nemNEM(XEM)$0.051436-4.31%
  • CompoundCompound(COMP)$65.07-8.14%
  • qtumQtum(QTUM)$4.12-2.51%
  • bitcoin-goldBitcoin Gold(BTG)$22.78-9.18%
  • omisegoOMG Network(OMG)$2.53-2.12%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • ethlendAave [OLD](LEND)$4.103.48%
  • SushiSushi(SUSHI)$1.66-3.74%
  • yearn-financeyearn.finance(YFI)$8,446.17-7.68%
  • golemGolem(GLM)$0.2603320.68%
  • ontologyOntology(ONT)$0.287420-2.04%
  • umaUMA(UMA)$3.42-1.47%
  • digibyteDigiByte(DGB)$0.012101-2.80%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....