Lawmakers in the European Union have pushed a measure that would ban anonymous transactions involving cryptocurrency transactions, despite criticisms from stakeholders.
- The measure seeks to expand the anti-money laundering regulations to cryptocurrency transactions, effectively requiring even minimal payments to identify the parties involved.
- Coinbase Chief Executive Officer Brian Armstrong said the new rules would mandate the firm to report any transactions where clients received over EUR1,000-worth of cryptocurrencies from a self-hosted wallet.
- Pending measures include proposals to exclude unregulated cryptocurrency exchanges from the traditional financial system and the prevention of transactions made with non-compliant service providers.
The measure will still have to secure the approval of both the parliament and national ministers who will meet at the EU Council to be able to be adopted as a law.