Cryptory service providers should grasp names

Cryptory service providers should grasp names

The Federal Government wants to undertake financial service providers to determine and store the names and addresses of clients and receptionists in all crypto money transactions. The obligation should apply even if the client or receptionist uses a local, self-managed wallet. This is apparent from a draft regulation, which the Federal Ministry of Finance published in June.

The editions should ensure that the transfers are not for "Purposes of money washing or terrorist financing are abused". The Ministry refers to recommendations of the anti-money wash institution FATF. This consider the transmission of cryptoco money from or on self-managed wallets "as a case constellation with increased risk".

Experts consider the planned duty to determine the names of users of self-managed wallets, but for not feasible. Because anyone can install without help from third Wallet apps and thus create bitcoin addresses for example. "The determination and identification of the owner of these ‘unhosted wallets’ is practically not affordable", Does the business association BITKOM say. Suppliers had to obstruct instructions on or from such wallets all over or "unbearable high and costly, but still insecate exams performed". The planned requirements worked "worldless", said Christoph Iwaniez, Financial Chest of the Krypto Service Provider Nuri, opposite C’t.

Since January 2020, conditions apply to Krypto service providers. Who keeps coins stored for others, has used a license since then. Operator of exchange breaks and other service providers around virtual perceptions must also check their customers, save information about the identity and report information for damages.

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