EU FlagThe EU intends to end the anonymity associated with virtual currency exchanges and seeks to identify users.

The European Council, a body within the European Union composed of heads of state as well as the president of the confederation’s executive branch, will propose rules for digital currency exchanges and wallet providers in the region by June, according to statements today following a meeting in Brussels.

The news comes on the heels of a move by the European Commission to set the stage for stricter oversight of exchanges and wallet service providers. On 2nd February, the Commission said that it seeks “to help identify the users who trade in virtual currencies”, as well as end “the anonymity associated with such exchanges”.

According to a press release, published yesterday, the Commission is seeking “rapid” action on legislation related to “the field of virtual currencies”. This action comes as the European Parliament, the legislative arm of the EU, also considers its own form of digital currency regulation.

Source: Coindesk