London Daily

Focus on the big picture.
Wednesday, Jul 09, 2025

EU to ban cryptocurrency anonymity in anti-money laundering plan

EU to ban cryptocurrency anonymity in anti-money laundering plan

The European Commission wants to end anonymity in cryptocurrencies and establish a new anti-money laundering agency to enforce tougher rules in a plan to crack down on the proceeds from crime.
The proposals launched by financial services commissioner Maireád McGuinness aim to “improve the detection of suspicious transactions and activities, and to close loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system”, the commission said in a statement.

Money laundering is a major problem within the European Union. According to estimates by Europol, roughly 1 per cent of the EU’s economic activity involves suspicious transactions.

The proposals to tighten money-laundering safeguards come amid pressure on Europe to increase enforcement, after several countries began investigating Danish multinational Danske Bank as it came to light that more than €200 billion in suspicious transactions passed through its small Estonian subsidiary between 2007 and 2015.

The new plan includes extending existing anti-money laundering regulation that applies to financial services to “the entire crypto sector”, requiring all cryptocurrency service providers to verify the identity of those sending and receiving transactions. In addition, “anonymous crypto asset wallets will be prohibited” under the plan, which also bans cash payments of more than €10,000.

“Those involved in the cryptocurrencies space will now realise that anonymity is gone,” Ms McGuinness told The Irish Times. The identity of all owners of virtual assets, senders or receivers of transactions would have to be verified by crypto service providers.

“This identifies who’s sending, who’s receiving, and it will allow us all to track suspicious transactions,” Ms McGuinness added, saying the rules would bring the crypto sector in line with the rest of the financial industry.

“Same activity, same risk, same rules. So in other words, we’re just asking those who are engaged in the crypto sphere to be covered in the same way as their counterparts.”
Newsletter

Related Articles

0:00
0:00
Close
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×