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European Parliament Approves New Rules to Track Crypto Transfers

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Governments worldwide are continuing to place cryptocurrencies within their crosshairs to regulate and bring under their control. They will use the threat of terrorist financing and money laundering as excuses to further clamp down on private crypto exchanges. When peaceful protesters and their financial supporters can be labeled as terrorists and have their bank accounts frozen and assets seized, the ruse can be clearly seen. With the rollout of CBDCs becoming more imminent, usage of alternative monetary systems that cannot be regulated by the central banking cabal is imperative.

(by JD Alois | CrowdFundInsider) – Last Thursday, Members of European Parliament (MEP) voted to create new rules to track crypto transfers.

The Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties (LIBE) adopted the legislation, with 93 votes for and 14 against, and 14 abstentions. The draft legislation seeks to strengthen EU rules against money laundering and terrorist financing.

Under the new requirements, all transfers of crypto-assets will have to include information on the source of the asset and its beneficiary, and the information must be made available to the relevant authorities.

The new rules also cover transactions from digital wallets with an address that is in the custody of a private user.

There is no minimum regarding crypto-asset transfers and the need to maintain the information.

According to Parliament, the objective is to ensure all crypto transfers can be traced and blocked if necessary = including peer-to-peer transfers.

The European Banking Authority (EBA) is expected to create a public register of businesses and services involved in crypto-assets that may have a high risk of money-laundering, terrorist financing, and other criminal activities, as well as a list of non-compliant providers.

The new rules are part of a broader Anti-money laundering package, that aims to strengthen rules on combating money laundering and terrorist financing. Read Full Article >

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