UK Treasury Won't Seek AML Rules for Bitcoin Wallet Providers
The UK Treasury has said that it won’t seek to impose anti-money laundering (AML) rules on digital currency wallet providers in a bid to avoid overburdening those services. The remarks were issued last week in a report that detailed the UK government's plans to tackle money laundering and terrorist financing risks more broadly. According to the report, the UK Treasury plans to bring digital currency exchange firms "into anti-money laundering regulation", reinforcing plans first announced last year. However, an outstanding question at the time related to whether these rules would....
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In a proposal today, the European Commission – the executive arm of the European Union – sought stricter rules on the use of virtual currencies like bitcoin. Citing reasons of terrorism and money laundering, the European Commission has proposed stricter rules for the use of virtual currencies, an official press release revealed today. The changes will see digital currency exchanges and wallet providers fall under the purview of the Anti-Money Laundering Directive (AMLD). Such a move will seek to bring an end to the anonymity associated with digital currency transactions. The proposed rules....
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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....
Speaking on condition of anonymity, an official has reportedly told Bloomberg that the Treasury Department is planning to clarify the definition of “broker” in the recently passed infrastructure bill. The United States Treasury Department is reportedly seeking to clarify the definition of brokers in the bipartisan infrastructure bill passed by the Senate last week, offering cautious reassurance that the new legislation won’t impact innovation and growth in the blockchain industry. As reported by Bloomberg, the Treasury Department is preparing guidance on what types of crypto companies will....