European Union approves requirements for traceability of cryptocurrency
By Charlotte Hill
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European Union approves requirements for traceability of cryptocurrency
The European Anti-Money Laundering Council has approved new regulations aimed at enhancing the traceability of cryptocurrency transfers. The rules require cryptocurrency service providers to collect and retain data on senders and recipients involved in transactions, similar to traditional financial institutions. The regulations aim to address concerns about money laundering and terrorist financing facilitated through digital currencies. By increasing transparency and accountability, the measures aim to prevent illicit activities and protect the integrity of the financial system. The rules also encourage cooperation among EU member states in sharing information and coordinating investigations related to cryptocurrency transactions. The adoption of these regulations represents a significant step towards regulating the rapidly growing cryptocurrency market and ensuring compliance with anti-money laundering standards.
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