European Union lawmakers have finally come to an agreement on proposed rule changes designed to prevent criminals and terrorists from using digital exchange platforms for terrorism and money laundering.
The EU announced the agreement on Friday, more than two years after the European Commission recommended action in the aftermath of the 2015 terror attacks in Paris, France. The negotiations required more than a year of intense debate, as several member states were resistant to key rules changes.
Justice Commissioner Vera Jourova praised the news:
“Today’s agreement will bring more transparency to improve the prevention of money laundering and to cut off terrorist financing.”
As outlined, the proposed rules would require wallet providers and cryptocurrency exchanges to take steps to properly identify their customers. The rules also place new restrictions on pre-paid credit cards, and increase the transparency requirements for trust beneficiaries and companies.
The proposed measures will now be taken up by EU member states. Legislators in those nations have 18 months to adopt the proposals and pass them into law.