The European Union has brought in legislation requiring EU-based cryptocurrency exchanges and online wallets to carry out the same know-your-customer (KYC) checks as traditional banks in a move to prevent money laundering and the financing of terrorism. In an announcement on Tuesday, EU Justice Commissioner Vera Jourova said that all financial institutions operating within its borders must now implement KYC (know your customer) procedures for their customers. The regulation is part of the EU's efforts to authenticate cryptocurrency technology. On 10 April the EU signed a declaration on the creation of a European Blockchain Partnership.
The European Union has brought in legislation requiring EU-based cryptocurrency exchanges and online wallets to carry out the same know-your-customer (KYC) checks as traditional banks in a move to prevent money laundering and the financing of terrorism. South Korea has already enforced KYC regulations on its exchanges and the US is expected to follow suit. The regulation is part of the EU's efforts to authenticate cryptocurrency technology. On 10 April the EU signed a declaration on the creation of a European Blockchain Partnership.