The proposal would outlaw of anonymous crypto asset wallets.
Banks will also be required to provide names, date of birth, account number, and the address of the clients when facilitating transactions.
Crypto has been long associated with tax evasion, money laundering, and terrorist financing which has been a major setback for its acceptance in most countries. In recent months, the UK, Japan, the US, and other international financial regulators have sought to get ahead of crypto-assets to control their use amid the rising adoption among younger adults.
As part of the plans, the European Union Commission has decided to impose a legal framework to guide the operation of crypto and to control its use by ensuring virtual asset transfer becomes more traceable.
According to the EU Commission, companies that handle virtual assets would be made to enforce the anti-money laundering rules as well as the transparency requirements for the transfer of crypto-assets. The proposal, which is exp
