UK, EU to work together after Brexit to end crypto "anonymity"

04 Dec, 2018
by David Borman
UK, EU to work together after Brexit to end crypto anonymity

It is being reported by Coinwire that the European Commission has released a declaration outlining plans for cooperation between the United Kingdom and the European Union post Brexit. In particular, there is a provision within that mentions "ending the anonymity" offered by some digital currencies.

The declaration covers many topics of which digital assets are only one. This particular bullet point can be found in Part 3 under "LAW ENFORCEMENT AND JUDICIAL COOPERATION IN CRIMINAL MATTERS," and reads as follows:

"Support of international efforts to prevent and fight against money laundering and terrorist financing, particularly through compliance with Financial Action Task Force standards and associated cooperation, with the Parties going beyond those standards with regard to beneficial ownership transparency and ending the anonymity associated with the use of virtual currencies."

To be fair, the wording here is exceptionally vague and so it is very much open to interpretation what this may eventually mean. Nonetheless, it is eerily similar to a recent announcement by the US Department of Homeland Security concerning privacy coins.

Is this the beginning of a larger crackdown on anonymous payments? Or simply governments doing what they can to prevent crime and terrorism? The coming years will likely tell the story.

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