Members of the European Parliament will consider setting up a central hub of bitcoin owners in Europe who use the online exchanges where bitcoin is bought and sold to fight money laundering and financing of terrorism.
Before this legislation you didn’t have to know who your customers are, it was fantastic for money laundering. We are normalising Bitcoin and other virtual currencies.
Member of the European Parliament
The proposal was contained within updates to money laundering regulations agreed on Friday that require the online exchanges to abide by strict customer identity requirements, and to report suspicious activity to the authorities.
It is stated that the EU may set up a "central database registering users' identities and wallet addresses". The database will be considered in a 2019 review of the effectiveness of the new money laundering rules. It would be accessible to financial crime fighters such as the National Crime Agency, as well as asset recovery officers.
Recently, we have reported that Kuwait’s Ministry of Finance said that it does not recognize bitcoin and forbids its trading in the Kuwaiti financial institutions.