EU ensuring transparency on cryptocurrency

[Domithra]

I bumped into an article today about the European Union authorities trying to improve transparency within the crypto market by eliminating money laundering and funding of terrorism.

A statement made by Vera Juorova, the European Justice Commissioner which i quote:

Today’s agreement will bring more transparency to improve the prevention of money laundering and to cut off terrorist financing

In view of this, EU urges all exchanges and wallet developers to seek for more information and ensure that users' identity are known just as with the banks before they are allowed to trade. In simple terms, EU intends to eliminate the anonymity in cryptocurrency operations.

I don't know how this is going to be achieved as most wallet developers and exchanges operate outside their jurisdiction. What is your take on this?

[ambrose92]

This is indeed going to happen sooner than we expect