Money wash: bitcoin co. Should be fully tracked in the eu

Money Wash: Bitcoin & Amp; Co. Should be fully tracked in the EU

A whole bundle of legislative proposals has submitted the eu commission on tuesday to strongly affect the fight against money washes and terrorism financing. Part of the package are sharp specifications for use of virtual preservation such as bitcoin, etherum or ripple. The commission wants to ensure that transfers of appropriate crypto values "completely tracked".

Already with the current 5. Money washing guideline must have operators of currency rods and other service providers around krypto-professionals their customers in the context of the "care diligence obligations" check for finanzhauser. For them, for example, to save the identity of users as well as their wallet addresses in a central database and to report suspected trap. With the proposed reform, these rules are to be extended to the entire krypto sector and all service providers are subject to identification specifications. Anonymous krypto wallets wants to ban the commission of principle.

Expand application of the money laundering line

Another step towards the amendment to the relevant legal framework, the eu commission has already undertaken with its draft for a regulation for crypto values in the previous year. The requirements for eu iers of tokens as well as for service providers should be determined, which want to apply for the provision of their services in the internal market. The proposal covers a wide range of activities, which is the requirements of the working group to fight against money washing and terrorist financing, respectively, goes beyond.

With the new suggestion, the commission intends to adapt the scope of the money laundering, which currently involves the exchange of crypto values in progress benefit, such as eurobetrage, to adapt to the broader circle of service providers from the planned regulation for virtual failure markets. The option, one "anonymous crypto value account" open or use is not provided.

Better "monitoring" of cryptode service providers

Member states should also be made with the package more comprehensive opportunities to commit in their territory of krypto services, headquartered in another eu country, to name a central point of contact for about official deliveries. For e-money iers and payment service providers, this is already the case.

All providers involved in the transfer of crypto values also had to collect data on the clients and empowered the transfers of virtual preservations carried out with their investment with their investment. This is to be implemented on a reform of the 2015 regulation to geldduhrungsungen. These new rules are according to the commission "to achieve significant improvements in monitoring the providers of krypto services".

Cash upper limit comes

Innovations in the fast-growing sector of virtual worries, which the european central bank (ecb) wants to enrich a digital euro, were not hindered despite the strict rules, it is called in brussel. The project can even advance the crypto industry in the community as they "benefited from an updated and eu-wide harmonized legal framework". In addition, digital identification solutions should be strengthened and expanded to keep the horses to keep the horses.

As before becoming a public, the commission also wants a cash capture of 10 throughout the eu.Set 000 euro. This keeps up for high enough, "in order to not eliminate the euro as legal means of payment" and at the same time the "important role of cash" recognize.

Eu authority against money wash

Further component is the creation of a surgical authority to get the money washer. It is intended to collect cooperation between national authorities for financial transaction investigations in the form of the financial intelligence units (fiu), coordinate and facilitate common analyzes so that green-cutting illegal financial streams can be better revealed. The author will oversee the plan according to risky financial companies directly. The line body should be occupied with six independent experts and limit the influence of the member states.

Privacy policy already keep the fius has been too powerful for a long time. According to the existing money-washing instructions, there is a compulsion to a degenerate data retention, with which banking secrecy is terminated final.

"Billions of euro on dirty money"

Around one percent of eu economic output meadows "eigachous activities" on, the capital services capital services collected commission vice valdis dombrovski said the project. It go "billions of euro on dirty money". The eu, on the other hand, have the sharpest provisions worldwide, but loophole had to be closed. Behind the washed hours "terrible crimes", extended finanzommissarin mairead mcguinness. For this purpose, existing directories were networked via national bank accounts.

The bundestag sat down the 5. Money washing directive at the end of 2019 in national law. He advanced the circle of those affected on providers who defined broadly "crypto values or private cryptographic keys" keep, manage or secure. Prerequisite for this is that the services are used to tinker tokens for third parties "to keep, store and transfer". Aufen remained after protests of start-ups financial service providers, "the auber the kryptosuper" do not provide any further services and have no direct end customer contact.


The macaway package has the potential, "to be groundbreaking for eu uniform money-washing and terrorist financing and continue to advance the european interior market", explained andreas krautscheid from the federal association of german banks (bdb). The harmonization of the applicable rules, especially in the identification of customers in the eu states and planned new anti-cash washfords, provided dafur "important pillar" dar.

The legislative proposal of the commission must now be reduced in the european parliament and in the council. The commission hopes for a trailing procedure so that the art money washing workers can be operational in 2024.

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