The European Commission is proposing a regulatory adjustment so that all transactions with bitcoin (BTC) and other cryptocurrencies are not only traceable, but also identifiable with user data. The agency is pushing for all digital asset providers to apply the so-called “travel rule” to operations.
The “travel rule” is that all operations that exceed a set amount, for example 1,000 euros, They must record the data of who sends and receives the funds. This information must contain: names and surnames, amount and date of the operation, physical address of both participants, date of birth and number of associated accounts, all as a KYC or “Meet your client” control.
In this case, exchanges in all their forms, whether centralized, decentralized, custodial services or P2P platforms, must comply with the regulation. The European Commission would toughen the measures with the premise of fighting money laundering and terrorist financing (AML / CFT).
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