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“Given that virtual assets transfers are subject to similar money-laundering and terrorist-financing risks as wire funds transfers… it, therefore, appears logical to use the same legislative instrument to address these common issues,” the Commission wrote.

While some crypto-asset service providers are already covered by anti-money-laundering rules, the new proposals would “extend these rules to the entire crypto-sector, obliging all service providers to conduct due diligence on their customers,” the Commission explained.

Under the proposals, a company transferring crypto-assets for a customer would be obliged to include their name, address, date of birth and account number, and the name of the recipient.

David Gerard, author of Attack of the 50 Foot Blockchain, told the BBC: “This is just applying existing rules to crypto. This has been coming since 2019.”

He said that although these were European proposals their impact would reach much further.

“If you want to make real money, you have to follow the rules of real money,” he said.

To become law the proposals will need the agreement of member states and the European Parliament.

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