Bitcoin: EU approves cryptocurrency clampdown to combat terrorism …

The European Parliament and the European Council agreed to a new set of rules on Friday that target exchange platforms for bitcoin and other virtual currencies.

The new measures would require platforms that previously allowed users to remain anonymous to identify them.

Read more: A new legitimate era for Bitcoin

What do the new measures entail?

  • Requires platforms that transfer bitcoin and “wallet” providers that hold cryptocurrencies for clients to identify users
  • Limits use of pre-paid payment cards
  • Raises transparency requirements for company and trust owners
  • Allows national investigators more access to information, including national bank account registers
  • Grants access to data on the beneficiaries of trusts to “persons who can demonstrate a legitimate interest”

Read more: Bitcoin energy boom stamps down colossal carbon footprint

How were the changes received?

Europe’s Justice Commissioner Vera Jourova hailed the new rules, saying: “Today’s agreement will bring more transparency to improve the prevention of money laundering and to cut off terrorist financing.”

Rights group Transparency International said the

... read more at: http://www.dw.com/en/bitcoin-eu-approves-cryptocurrency-clampdown-to-combat-terrorism-financing/a-41820170

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