The European Parliament approved a package of new actions aimed at fighting with money laundering. Soon it will also concern the regulation of the cryptocurrency market, as it is moving along the path of making the rules stricter.
It is noted that exchanges and banks agree with these rules to prevent the anonymity of digital currencies at the total level. Control implies the mandatory verification of each participant.
It is reported that the new rules require exchanges and banks to use the total control of their customers to prevent the anonymity of digital currencies. It will include mandatory verification of all participants while conducting cryptocurrency transactions, from traders to suppliers of digital wallets. Moreover, registration of cryptocurrency platforms and companies engaged in storage of cryptocurrency will be introduced. These prescriptions will come into force three days after they are published in the official publication of the European Union. Member States of the European Union will have to implement these changes to their legislation within 18 months of the commencement of the updated directive.