ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Thursday May 24th 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

European Union Approves Regulation To Combat Cryptocurrency Anonymity

By

Jordan

Daniell

WriterETHNews.com

A new directive adopted by the European Union aims to shut down criminal financing by targeting the relative anonymity afforded by virtual currencies.

A new directive adopted by the General Affairs Council of the European Union on May 14, without discussion, is meant to prevent criminals from exploiting the relative anonymity of cryptocurrencies, without harming the broader functionality of existing and emerging payment systems.

The new directive amends directive 2015/849 as part of an Action Plan developed in 2016 to combat a wave of terrorist attacks in Europe.

The core arguments for amending EU 2015/849 are stated in the directive:

"The anonymity of virtual currencies allows their potential misuse for criminal purposes. The inclusion of providers engaged in exchange services between virtual currencies and fiat currencies and custodian wallet providers will not entirely address the issue of anonymity attached to virtual currency transactions, as a large part of the virtual currency environment will remain anonymous because users can also transact without such providers. To combat the risks related to the anonymity, national Financial Intelligence Units (FIUs) should be able to obtain information allowing them to associate virtual currency addresses to the identity of the owner of virtual currency. In addition, the possibility to allow users to self-declare to designated authorities on a voluntary basis should be further assessed."

The main changes made to the preexisting directive 2015/849 include increasing the scope of access to information on beneficial ownership (a measure meant to improve transparency regarding the ownership of trusts and companies), diminishing risk associated with prepaid cards and virtual currencies, increasing the scope and quality of cooperation between the various financial intelligence units in Europe, and improving checks for transactions involving "high-risk third countries."

"These new rules respond to the need for increased security in Europe by further removing the means available to terrorists", said Vladislav Goranov, minister for finance of Bulgaria, which currently holds the Council presidency. "They will enable us to disrupt criminal networks without compromising fundamental rights and economic freedoms."

This new action is in step with regulations passed by the EU in April meant to create "closer regulation of virtual currencies."

Jordan Daniell

Jordan Daniell is a full-time staff writer for ETHNews with a passion for techno-social developments and cultural evolution. In his spare time, he enjoys astronomy, playing the bagpipes, and exploring southern California on foot. Jordan lives in Los Angeles and holds value in Ether.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest European Union, EU or other Ethereum world news.