The Ministry of National Economy and Finance is strengthening efforts to monitor the cryptocurrency market by putting an “end” to anonymity and making stricter the framework of controls aimed at combating black money.
The regulations promoted through the bill to strengthen the capital market focus on tightening controls, while all exchange platforms, such as Binance, Kraken, etc., will have to obtain an official operating license or appoint a representative responsible for transmitting data.
According to the provisions of the bill, platforms will be required to transmit detailed transaction data in order to cross-check the origin of the money and identify any suspicious transactions.
In the event that the competent authorities, the Capital Market Commission or the Anti-Money Laundering Authority, identify suspicious cryptocurrency transfers, they will have the ability to “freeze” the transactions and require tax and asset audits of the transacting party.
In other words, those who want to exchange significant amounts of crypto for euros must be transparent about their financial information.
