- The European Union is proposing a ban on anonymous cryptocurrency transactions as part of a broader effort to fight money laundering and hinder terrorism financing.
- As part of its plan, the EU would create a new central authority the EU AML Authority (AMLA) to coordinate national supervisors for consistent application of EU rules. That step is also intended to improve cooperation among financial intelligence units.
- If the proposal is adopted, the EU's single rulebook for AML (anti-money laundering) and CFT (countering the financing of terrorism) would apply to all crypto asset service providers and to cryptocurrencies, the EU's fact sheet said.
- Specifically, the body would prohibit anonymous crypto asset wallets. In other words, systems like bitcoin would have to follow the same rules as banks making wire transfers.
- Cryptocurrencies were already weak in Tuesday morning trading. At midday, bitcoin (BTC-USD) stays below $30K at ~$29.9K; ethereum (ETH-USD) trades at about $1,798; Binance Coin (BNB-USD) at $270.14; litecoin (LTC-USD) at $108.52, and dogecoin (DOGE-USD) slides to $0.17.
- As for crypto-linked stocks: Grayscale Bitcoin Trust (OTC:GBTC -3.1%), Riot Blockchain (RIOT -1.9%), Marathon Digital (MARA -1.3%), MicroStrategy (MSTR +0.4%), Coinbase Global (COIN +0.2%).
- Earlier, Bitcoin falls through $30K; can Elon Musk bail out the bulls tomorrow?