July 21, 2021

The EU plans to make Bitcoin transfers more traceable. Changes in EU law could force companies transferring Bitcoin or other cryptocurrencies to collect details of recipients and senders.

A company transferring crypto assets to a customer would be required to provide the recipient’s name, address, date of birth and account number in addition to the name of the recipient.

While the Commission stated that the new rule will exclude the submission of anonymous wallets for crypto investments, it said: “Given that virtual assets transfers are subject to similar money-laundering and terrorist-financing risks as wire funds transfer… it therefore appears logical to use the same legislative instrument to address these common issues.”

In order to become a real law, the proposal must pass the Member States and the European Parliament.

For more information, read the original story on the BBC.