No more anonymity. The new regulations enter into force on December 30
The new regulations will hit the cryptocurrency industry. No more anonymity. Every transaction will be recorded.
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The cryptocurrency market has grown to incredible proportions over the last few years. It has remained unchecked for a long time, but that is about to change. The EU TFR regulation introduces new requirements for all companies that participate in cryptocurrency trading. No more anonymity – reports Dziennik Gazeta Prawna.
No more anonymity of cryptocurrencies
All traders who participate in cryptocurrency trading must adopt AML procedures. These are intended to prevent money laundering. In practice, the new regulations mean that each transaction will be carefully recorded, so both the sender and the recipient of the transfer will be known. Companies must commit to strict compliance with the regulations.
The Chief Financial Information Inspector reminds about the new obligation, among others. He published a letter on his website in which he reminds that entrepreneurs operating in the field of virtual currencies will be obliged to apply the requirements set out in Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023.
According to the TFR, it will be necessary to adapt existing procedures in order to fulfill numerous obligations, including: by verifying the beneficial ownership or control of an unhosted address when a crypto-asset transfer is sent or received from that address or by providing information about the initiator and beneficiary of the crypto-asset transfer.
– informs the GIFI.
The new regulations enter into force on December 30, 2024. They are intended to counteract the huge scale of crimes committed using cryptocurrencies. The industry opposes the new regulations, claiming that they have no legal basis.
