Since July, the new body has begun monitoring compliance with the pan-European Anti-Money Laundering (AML) standards. The head of the structure, Bruna Sego, announced the introduction of updated rules for the cryptocurrency business: mandatory verification of all beneficiaries and shareholders of platforms, a ban on anonymous wallets and private coins (for example, Monero, Zcash), as well as providing government agencies with direct access to user account data. Sego noted that the focus will be on identifying the sources of funds in virtual currencies and their geographical origin. These measures are aimed at preventing the connection of crypto companies with money laundering and terrorist financing. The head of the department also highlighted the problem of fragmentation of the crypto market in the EU. Different countries may interpret the AML rules in their own way, which complicates supervision. However, stricter verification standards should simplify the fight against illegal financial transactions based on cryptocurrencies.
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