EU proposes to ban anonymous cryptocurrency wallets

July 21, 2021

EU proposes to ban anonymous cryptocurrency wallets
Companies operating in the EU would be required to collect data on participants in cryptocurrency transactions, including name, residential address, date of birth and account number.

The European Commission has proposed a ban on the use of anonymous cryptocurrency wallets, as well as requiring companies processing cryptocurrency transactions to track the personal data of transaction participants, including name, residence address, date of birth and account number.

The new rules were developed as part of European regulators' fight against money laundering and terrorist financing.

"The amendments will ensure full traceability of transfers of crypto-assets, such as bitcoin, and enable the prevention and detection of their possible use for money laundering or terrorist financing," the draft law said.

The European Commission has also proposed a ban on cash payments of more than €10,000 in EU countries, while allowing the authorities of individual countries to set the limit for such transactions below this level at their own discretion.

Since August 2020, anonymous deposits into e-wallets have been banned in Russia. The purpose of the ban is to combat illegal activities such as terrorist financing and drug distribution.

EOS Wallet is a downloadable application for Windows, Linux, and MacOS operating systems. There are a number of features of the EOS Wallet which include but are not limited to token transfer, support for airdrops, maintaining a contact list and transaction history, allowing the creation of multiple accounts, staking the investment, and provision for voting.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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