Money Laundering Guidelines
The European Parliament's quarterly vote concerned the primary fight against illegal activities such as tax evasion or money laundering. However, the updated Regulation, namely the Fifth Adaptation to the Money Laundering Directive, as stated by the EU, are even tougher rules for cryptoscopes that "attack" in particular the anonymity of their users. Specifically, they cover cryptobuses and are aimed at combating the "risks associated with digital currencies", as stated in the document. The Regulatory Regulation was voted by a plenary majority of 574 votes and only 13 against. It enters into force within three days of the publication, which the Member States have a year and a half to incorporate these new rules into the law.
Anonymity cryptomeni: Will we not see her completely?
The thorn in the EU's eyes is mainly decentralization and the associated anonymity of cryptomenias. According to the European Parliament, they pose a risk and open the door to illegal practices. In practice, this amendment means that cryptographic exchange platforms, ie cryptographic exchanges, will be forced to introduce identity verification in the context of client control. In the future, these platforms will have to offer regulated services and require their clients to require registration on the basis of an identity document.
Anonymity for anonymity?
MEPs also focused on anonymity on prepaid or virtual payment cards, which providers will need to require identity verification for amounts from EUR 150, compared to the current EUR 250. And that's not all. Publishers of these cards will have to comply with stricter criteria when assessing card issuance requests in a non-EU country. And given that all of these measures are primarily targeted against fraud and money laundering, the EU offers protection to all those who are alerting themselves to these illegal activities. And they also offer anonymity in their protection. Or, if you want to fight anonymity, offer anonymity.
"Criminal activity does not change at all. Criminals now have the opportunity to use extensive anonymity for money laundering or terrorist financing. Such a legislative step will help us with these ill-fights to fight and protect our people as well as the financial sector. It also includes greater transparency and access to company information and stricter rules for digital currencies and anonymous prepaid payment cards, "said MEP Arturs Krišjānis Kariņš.
His colleague, Judith Sargentini, added to Karinsa's statement that the EU comes each year through illegal activities such as money laundering, terrorist financing and tax evasion, of billions of euros. According to Sargentini, the rules set out in the amended directive will also be of great benefit to developing countries that fight the illicit cash outflow that they lack.
Cryptoma no, blockchain yes?
However, the European Union is not always strict about cryptomas. Mario Draghi, the head of the ECB, has said in the past about cryptomeni regulation that it is not a priority and that cryptosomenes for the EU economy do not pose a risk. In the past, for example, talks on Bitcoin and blockchain have been conducted at the EU's initiative, with support for the blockchain, which seems not to be the case anymore. A few days ago, 22 EU countries agreed to cooperate and support the development of blockchain and blockchain applications. The initiative aims to better integrate the blockchain and take advantage of its advantages in day-to-day operations. This is definitely a good step. It is a shame, however, that cryptosomenes are not part of this agreement.
conclusion
Fighting illegal practices that rob the state by millions and billions is certainly quite right. Also, enforcing cryptomenial regulation that can lead to market stabilization is a good step. The question, however, is whether or not the crypts will be tougher in the future. Restriction of one of the cornerstones of this technology may be acceptable within the limits if it is a step that should serve to protect the clients themselves. However, we must hope that this approach will not be graded for the worse.
Thank you very much for your support!