During the last couple of months, the European Parliament (EP) and Commission (EC) have been actively involved in discussion of appropriate regulation for the digital currency market. Now, recent reports indicate that the EP has voted for a stricter array of regulations for the crypto market.
With this in mind, once the legislation is applied at the European Union level, crypto exchanges alongside wallet providers will be required to introduce specific due diligence procedures for their customers. In other words, wallets and exchanges may soon have to begin verifying user identity. Additionally, the measures also point out that crypto wallets and exchanges will need to register before being allowed to offer their service.