EU Proposes Tighter Control of Virtual Currency

According to a recent Wall Street Journal article, the EU is proposing an expansion of its anti-money-laundering rules to cover virtual currencies in order to counter terror financing and tax evasion. The proposal also seeks to strengthen oversight of bank accounts and increase the transparency regarding ownerships of trusts. Virtual currency platforms, such as bitcoin, would also be brought under anti-money-laundering rules that will come into effect by the end of this year. These platforms would also have to verify the identity of users and monitor transactions.

The proposal will now be submitted to the European Parliament for consultation and adoption.

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