European Union lawmakers voted in favor of controversial measures to outlaw anonymous crypto transactions. Some say this move would stifle innovation and invade privacy.
The proposals are intended to extend anti-money laundering(AML) requirements that apply to conventional payments over EUR 1,000(USD $1,114) to the crypto sector. This action is intended to identify the payers and recipients of even the smallest crypto transactions.
The European Union (EU) Parliament has approved a draft to identify personal information when transferring virtual assets. There has been a move to sanction anonymous virtual asset transactions. The key point of virtual assets is being able to stay anonymous.
This move is part of anti-money laundering measures that intends to strengthen money laundering and terrorist financing regulations. This is because virtual assets possess the possibility to be used in money laundering and terrorist financing. From the European Union’s perspective, this is an important measure to identify and prevent criminals from laundering illegally obtained funds or using them for malicious purposes to finance terrorist activities.
The plans must be agreed on by both the parliament and national ministers, who meet as the EU Council, in order to pass into law.
There are many opinions on whether virtual assets can be treated the same as fiat currency and with the same legal regulations. Different governments have different views on cryptocurrency. KYC is the action to identify customers’ identification which is not wanted as it somewhat invades the ‘Privacy’ section in virtual assets. If your company is in needs to complete the customer verification process by applying the KYC solution, try the Argos KYC solution. We provide a trial version for companies in need of KYC to try out. Please contact our team to experience a hassle-free KYC provided by Argos KYC. Got you covered!