The European Parliament has voted in favor of stricter regulations in the crypto sector. Crypto exchanges and wallet providers will be required to introduce customer due diligence procedures, including identity verification. The platforms will have toapply for registration in order to offer their services. The new measures come with the latest update of the EU Anti-Money Laundering Directive*.
European officials claim they are introducing the measures partly in response to the terrorist attacks of 2015 and 2016 in Paris and Brussels, as well as the Panama Papers leaks. “Criminals use anonymity to launder their illicit proceeds or finance terrorism,” said Krišjānis Kariņš,
co-rapporteur on the amendments. In his words, the new legislation will “address the threats to our citizens… by tightening rules regulating virtual currencies and anonymous prepaid cards.”
*Public access to information on real owners of firms**
The reforms giving citizens the right to access information on the beneficial owners of firms which operate in the EU, could help quash the corrupt use of letterbox companies created to launder money, hide wealth and avoid paying taxes - a practice which received widespread attention in the wake of the Panama Papers.
An additional measure would also open up data on beneficial owners of trusts and similar arrangements to those who can demonstrate a “legitimate interest”. This would make information on trusts available to investigative journalists and non-governmental organisations (NGOs). Member states will also retain the right to provide broader access to information, in accordance with their national law.
Customer verification for virtual currencies
The new measures also address risks linked to prepaid cards and virtual currencies. In a bid to end the anonymity associated with virtual currencies, virtual currency exchange platforms and custodian wallet providers will, like banks, have to apply customer due diligence controls, including customer verification requirements.
These platforms and providers will also have to be registered, as will currency exchanges and cheque cashing offices, and trust or company services providers.
Hopefully we'll see appstores and repositories hosted on TOR, I2P and Zeronet before device installed opensource wallets are targeted by these arseholes too.
Just Shapeshifted more BTC for Monero, Shapeshift on Android is getting very confidence inspiring now, the memories of the long butt clenched wait for the first acknowledgement on earlier versions are fading...
This is a foundation to tax real wealth. Smart contracts will discribe property,assets worldwide. No made up fiat crap. That we little serbs aren't overtaxed on. Get all the tax evaders I say. No anonymous trusts that shield the ultra wealthy from paying a dime to the system we all share equally. This will lead to no income tax but a fair wealth tax which could be as low as 1 percent.
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