European Commission Plans Crackdown on Bitcoin: New Regulations by June
The executive body of the European Union (EU) has warned of a further crackdown on virtual currencies in hopes of cutting off financing to terrorists. Details were revealed recently in the European Commission’s Action Plan for strengthening the fight against terrorist financing and its call for Bitcoin exchanges to come under the supervision of the....
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The new European Commission proposal to prevent money laundering and terror financing proposes additional regulations for Bitcoin companies. In the backdrop of recent terrorist attacks across the European Union and the Panama papers leak, the European Commission has put forth a proposal to amend the existing Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. The proposal calls for the amendment of EU Directive 2015/849 and Directive 2009/101/EC, both related to prevention of money laundering or terrorist financing. The proposal includes a series of measures to prevent....
The executive arm of the European Union government is planning to expand its work on blockchain, an official said last week. According to newly published statements from 7th February by European Commission VP Andrus Ansip, the Commission is planning to grow its “support” for blockchain projects – something that Ansip characterized as an expansion of existing efforts. It was last spring that the European Parliament approved a task force, led by the Commission, to study blockchain. At the time, MEP Jakob von Weizsäcker framed the measure as a way to monitor the nascent blockchain space while....
Recently the European Commission (EC) announced plans to apply the EU anti-money laundering and counter-terrorist financing regulations (the Fourth AML Directive or 4AMLD) to digital currency exchanges and possibly wallet providers. This move is a part of the EC’s broadening action against terrorist financing. But while this news comes as no surprise, another EC proposal, far less publicized and somewhat overlooked, has the potential to revolutionize the current state of affairs in digital currency regulation in the EU. The intention to embrace digital currencies by AML/CTF regulations has....
The European Commission has said that it is actively monitoring blockchain and DLT developments, stating that its almost limitless potential use cases make it both ‘very promising and challenging.’ In a statement published on 7th February by European Commission Vice President Andrus Ansip, he explained to members of the European Parliament that support for the blockchain and DLT was ‘going to increase in the coming months.’ Last year, the European Parliament approved a task force to further study the distributed ledger technology. Jakob von Weizsäcker who drafted the proposal for the task....
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....