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EU to ban companies from using anonymous crypto wallets

On July 20, the European Commission introduced a law proposing the prohibition of anonymous cryptocurrency wallets. What does it mean for cryptocurrency exchanges and miners?

The project offers to oblige companies involved in cryptocurrency transfers to track the personal data of senders and recipients of digital assets, including a full name, residence address, date of birth, account number, and other details. A thorough personal identification, similar to the banking system, risks making such transactions very inconvenient for users and slowing down the speed of operations. However, the EU considers this measure imperative for the crypto-market’s security. Meanwhile, anonymous bank accounts have already been banned in Europe, and the new law will also apply to cash transactions exceeding €10,000.

If the European Commission ultimately passes the law, cryptocurrency companies will not be able to list anonymous coins on the exchange, and prices for services outside the exchange can rise significantly. Most cryptocurrency transactions and wallets are anonymous by default, so this bill can be regarded as the EU’s attempt to tighten control over the cryptocurrency market. Nonetheless, as cryptocurrencies know no borders, there are still enough regions outside the European Union today that provide more freedom for the mining, exchange, and sale of cryptocurrencies.

Published: 12.08.2021

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