Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
EU’s Controversial Asset Registry Proposal Sparks Privacy Debate

EU’s Controversial Asset Registry Proposal Sparks Privacy Debate

CoineditionCoinedition2024/07/24 19:13
By:Ebiseyei Badei
  • The EU proposes a centralized asset register to track and manage assets.
  • It aims to combat money laundering and verify assets linked to sanctioned individuals.
  • Panayiotis Nicolaides voices support for the initiative.

The European Union is exploring a controversial proposal to establish a centralized “Asset Register,” a comprehensive database designed to track citizens’ assets across the bloc. This initiative aims to combat money laundering and terrorist financing, but has also raised concerns on privacy and data protection.

The proposed register would encompass a wide range of assets, such as real estate, bank accounts, securities, vehicles, art, and precious metals. The final list will be determined based on the outcomes of a feasibility study and subsequent legislative decisions.

Following Russia’s war against Ukraine, leaders from the EU, Canada, and the United States formed a transatlantic task force to implement financial sanctions. To better monitor illegal monetary transactions, the EU proposed an interconnected asset register that would serve all its member states.

The initiative aims to help national authorities verify assets or safe deposit box beneficiaries linked to sanctioned individuals or drug traffickers.

Meanwhile, the union emphasized that the proposed asset register would not introduce new privacy concerns but rather would provide data to competent authorities in all member states under EU data protection rules.

Commenting on the development,  Panayiotis Nicolaides, Director of Research at the EU Tax Observatory, stated :

“In our research we propose the establishment of a comprehensive European Asset Registry, where beneficial ownership of assets and wealth is properly recorded. This would improve inequality, as well as fair and progressive taxation that is based on proper wealth measurements.”

He also noted that a centralized European Asset Registry aims to consolidate necessary financial information from all EU member countries.

Overall, the EU’s consideration of a centralized asset register represents a significant step towards improving financial transparency and combating illicit activities. However, the outcomes of the feasibility study and subsequent legislative processes will determine the specifics and the extent of its implementation.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!