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French Official Urges European Parliament to Deanonymize Cryptocurrency Payments

The director of France’s Intelligence and Counteraction to Underground Financial Schemes (Tracfin) called on the European Parliament to join forces and “do away” with anonymous crypto-currency payments.

Guillaume Valette-Valla addressed lawmakers in the European Parliament, where he said that government agencies need to identify even those cryptocurrency users who make small online payments. The announcement came after ECB chief Christine Lagarde warned about the role of cryptocurrencies in evading financial sanctions imposed on Russia.

According to Valette-Valla, EU regulators have repeatedly recorded the use of cryptocurrencies in the financing of terrorism and aiding in the Syrian-Iraqi region. The official also revealed that last week he referred three cases to prosecutors in which Southeast Asian users made small payments in cryptocurrency to watch live cases of child abuse.

Tracfin is part of the French Ministry of Economics and collects intelligence on finances generated through illegal activities or spent on criminal activities. The tools that European regulators have, according to Valette-Valla, can help Tracfin deanonymize illegal transactions, even if the criminals transferred only 1 euro.

Recall that earlier a member of the US Securities and Exchange Commission (SEC) Caroline Crenshaw called on DeFi projects to cooperate in order to solve the problems of anonymity and transparency.

Source: Bits

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