Re: [2021-07-21] Bitcoin and Ethereum take a hit after EU proposes anti-terror crypt
⭐ Merited by NotATether (1)
Good luck enforcing that one. 
Yeah, it seems like they're mixing up wallets with crypto service providers.
Providers will need collect cryptocurrency holders' name, address, official personal document number, customer ID number or date and place of birth.
"At present, only certain categories of crypto-asset service providers are included in the scope of EU AML/CFT rules," the EC said in a statement.
"The proposed reform will extend these rules to the entire crypto sector, obliging all service providers to conduct due diligence on their customers."
The cryptocurrency proposal outlines future obligations on all Virtual Asset Service Providers (VASPs) "to collect and make accessible data concerning the originators and beneficiaries of the transfers of virtual or crypto assets they operate."
The EC is concerned that differences in AML/CFT laws among EU member nations is exploited by organized crime for money laundering and terrorism financing.
"Transfers of virtual assets fall today outside of the scope of Union legislation on financial services," the proposal stated. "The lack of such rules leaves holders of crypto-assets exposed to money laundering and financing of terrorism risk."
"At present, only certain categories of crypto-asset service providers are included in the scope of EU AML/CFT rules," the EC said in a statement.
"The proposed reform will extend these rules to the entire crypto sector, obliging all service providers to conduct due diligence on their customers."
The cryptocurrency proposal outlines future obligations on all Virtual Asset Service Providers (VASPs) "to collect and make accessible data concerning the originators and beneficiaries of the transfers of virtual or crypto assets they operate."
The EC is concerned that differences in AML/CFT laws among EU member nations is exploited by organized crime for money laundering and terrorism financing.
"Transfers of virtual assets fall today outside of the scope of Union legislation on financial services," the proposal stated. "The lack of such rules leaves holders of crypto-assets exposed to money laundering and financing of terrorism risk."
It's looking like they're just enhancing existing KYC regulations. Every entity handling crypto within their jurisdiction will have to collect their users' data now. Regulators probably know that there's no reasonable way of regulating non-custodial wallets.