EU plans to make Bitcoin transfers more traceable

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    • #436365
      • Total Posts: 9,978

      The Commission argued that crypto-asset transfers should be subject to the same anti-money-laundering rules as wire transfers. “Given that virtual assets transfers are subject to similar money-laundering and terrorist-financing risks as wire funds transfers… it therefore appears logical to use the same legislative instrument to address these common issues,” the Commission wrote.

      While some crypto-asset service providers are already covered by anti-money-laundering rules, the new proposals would “extend these rules to the entire crypto-sector, obliging all service providers to conduct due diligence on their customers,” the Commission explained.

      Under the proposals, a company transferring crypto-assets for a customer would be obliged to include their name, address, date of birth and account number, and the name of the recipient.

      David Gerard, author of Attack of the 50 Foot Blockchain, told the BBC: “This is just applying existing rules to crypto. This has been coming since 2019.” He said that although these were European proposals their impact would reach much further.

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

    • #436396
      • Total Posts: 2,965

      First, the Swiss Banking Act contains a provision on secrecy. It obliges the bank to keep confidential information about the dealings of individuals with the bank as well as about the existence of an account, about the client and about this person’s transactions.

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