Monero
$225.92 -3.89%
XMR · 1w

Confusion Regarding EU Proposed "Ban" on Anonymous Accounts at Exchanges

On July 20th, the EU published a proposal for legislation concerning "anonymous crypto-assset wallets" at exchanges (among other things). There has been much confusion regarding what exactly this legislation proposes, and even I got it wrong. This post, though a bit long, clears up that confusion. Essentially, there is some ambiguity and poor language in this proposal which opens the door for misinterpretation. However, in an "SAT style" reading comprehension type analysis, it's pretty clear what the intention is. Let's examine the texts in question: https://ec.europa.eu/finance/docs/law/210720-proposal-aml-cft_en.pdf Page 33, Item 93: > The anonymity of crypto-assets exposes them to risks of misuse for criminal purposes. Anonymous crypto-asset wallets do not allow the traceability of crypto-asset transfers, whilst also making it difficult to identify linked transactions that may raise suspicion or to apply to adequate level of customer due diligence. In order to ensure effective application of AML/CFT requirements to crypto-assets, it is necessary to prohibit the provision and the custody of anonymous crypto-asset wallets by crypto-asset service providers. The confusion arises with the phrase: *prohibit the provision and the custody of anonymous crypto-asset wallets*. In addition to the uneducated (ignorant?) use of the term "wallets", the grouping of words could be taken two ways: 1. prohibit (anonymous crypto-asset) wallets - Prohibiting crypto-assets who's networks have the properties of anonymity 2. prohibit anonymous (crypto-asset wallets) - Prohibiting custody of funds for anonymous users/accounts This one paragraph alone really isn't enough to make a clear determination on the intention; however, this statement isn't actually part of the regulation. It exists as an introductory set of *"whereas"* statements, which precede the actual language of the regulation itself. This brings us finally to the text of greater importance, page 75...
Continue on self.Monero
Recent news
XMR -3.89% · theverge.com · 8h

Should have used monero

Prosecutors say Free Talk Live host Ian Freeman was running an illegal Bitcoin transmittal business — but Freeman says they’re overstepping the law.