New 4MLD Directive Could Hurt E-Money Business in Europe
Money laundering and terrorist financing remain the top two concerns for financial regulations to this very day. 4MLD, a new regulatory directive, will have significant consequences for virtual currencies in Europe. 4MLD Targets Virtual Currencies. It does not come as a complete surprise to learn companies in Europe will have to adhere to stricter KYC....
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Aiming at accelerating innovation and developing a unified payment services sector, the European Commission has adopted the Payment Services Directive (PSD2), which is expected to bring vital changes. What is PSD2? Lately, regulators have been increasingly focussing on ensuring consumer protection, competition, and security in the area of financial services. The PSD2 is a data and technology-driven directive, which was introduced as a way to respond to the changes in the landscape of payment services since the introduction of the original directive in 2007, and to drive further....
Bitcoin exchanges in Europe are soon to be regulated under the scope of Europe’s Anti-Money Laundering Directive. The European Commission issued a statement late Tuesday night detailing new efforts to control financial flows and money transfers, which it described as aimed at subverting terrorist financing. Among these mechanisms are bitcoin and other virtual currencies. The Commission “proposes to bring virtual currency exchange platforms under the scope of the Anti-Money Laundering Directive, so that these platforms have to apply customer due diligence controls when exchanging virtual....
The European Parliament and the Council of the European Union have proposed amending a directive on preventing money laundering and terrorist financing that will require cryptocurrency exchanges and wallets to identify suspicious activity, a directive that would include identifying bitcoin users. The directive constitutes the main legal instrument to prevent the EU financial system from being used for money laundering and terrorist financing. The directive, to be transposed by June 26, 2017, establishes a framework to require member states to identify and mitigate risks related to money....
Triggered by the Paris and Brussels attacks, the proposed EU directive seeks to introduce stricter rules on the use of virtual currencies and prepaid cards. How will this affect Bitcoin and digital payments in general? CoinTelegraph spoke to Siân Jones, Founder of European Digital Currency and Blockchain Technology Forum, about the proposal and its possible outcomes. Anti-Money Laundering Directive. As Siân Jones told us, EU officials had been working on the new law since February, talking with virtual currency and prepaid card stakeholders and others, to draft the proposed new directive....
The European Central Bank (ECB) has proposed a directive of the European Parliament and of the Council stating that ‘virtual currencies do not qualify as currencies from a Union perspective,’ and wants digital currencies to be explicitly defined as not legal currencies or money. In a document titled, Opinion of the European Central Bank [PDF], the ECB is proposing amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and amending Directive 2009/101/EC. According to the ECB, the use of digital....