Operators Obliged to Ensure Transparency of Crypto Transactions in EU

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The European Union’s governing body, the Council, recently announced its plans to strengthen supervision over the use of digital currencies.

In collaboration with the European Parliament, they have set up a mechanism that requires operators to regularly disclose information on customer transactions. This move is part of Brussels’ efforts to increase transparency in the world of cryptocurrencies.

The focus will be on monitoring transactions involving virtual currencies, ensuring they comply with European regulations on combating money laundering and terrorism financing.

The new regulations will have a widespread impact on the crypto industry, as all virtual service providers are required to regularly verify user information and report any suspicious transactions.