Dutch Bitcoin Companies Start Initiative to Adjust Proposed European Union AML-Directive
The European Commission published a draft directive last week proposing to amend existing anti-money laundering rules to include virtual currencies such as bitcoin. If adopted, exchanges as well as custodial wallet providers will need to collect customers’ identity documents and report suspicious activity on their platform to relevant authorities. In an....
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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....
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....
Last month, the European Commission published a draft directive proposing to extend anti-money laundering (AML) regulation to both virtual currency exchange services and custodial wallet providers. The draft suggests that many Bitcoin companies operating within the European Union will need to apply know-your-customer (KYC) types of checks on their users, to be enforced by 2017. Phrasing of the directive left some uncertainty over its extent, however —in particular over what are considered “wallet providers offering custodial services of credentials necessary to access virtual currencies.”....
The European Union (EU) will present an initiative to address the metaverse and all the activities and interactions happening in it sometime in 2023. The proposal, which was qualified as ”key” in the State of the Union letter of intent authored by Ursula von der Leyen, President of the European Commission, will present several initiatives to clarify Europe’s rules and expectations for the metaverse. European Union to Introduce Metaverse Regulation Project Many countries of the world are in the process of integrating and adapting their regulatory frameworks and....
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....