European Union to verify cryptocurrency traders

Last Friday, the European Union decided that the current rules on cryptocurrency exchanges are too liberal and it’s too much of an easy life for criminals, and they signed a new agreement. Reuters cites Vera Jourova, EU Justice Commissioner: this agreement “will bring more transparency to improve the prevention of money laundering and to cut off terrorist financing”.

Among other things, the agreement contains measures aimed at elimination of anonymous transactions, something the cryptocurrency enthusiasts were always proud of. But alas, this measure was actually used by people who finance terrorism as well. Within 18 months, the laws on the platforms connected with digital currency savings, trades and transfers will be developed, and these laws will demand from the owners of said platforms to verify the identification of the users.

This agreement was developed after the member states of the European Union suffered from the attacks of radical islamists. The opposers of the agreement were: United Kingdom, Malta, Luxembourg and Cyprus. The measures taken in the European Union may affect the legislative development in the countries neighbouring with them.