European Commission Proposes New AML Regulations, Includes Bitcoin Exchanges and Wallets
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....
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The European Commission has proposed legislation to “ensure full traceability of crypto-asset transfers, such as bitcoin,” in order to prevent and detect “their possible use for money laundering or terrorism financing.” Moreover, “anonymous crypto asset wallets will be prohibited.” New EU Rules Ban Anonymous Crypto Transactions and Wallets The European Commission presented a set of legislative proposals Tuesday aimed at strengthening the EU’s anti-money laundering and countering terrorism financing (AML/CFT) rules. Among the proposals is a revision....
The U.S. Treasury bureau proposed a rule that would require cryptocurrency exchanges to submit reports on withdrawals to “unhosted wallets.” The post FinCEN Proposes KYC For Withdrawing Cryptocurrency To Private Wallets appeared first on Bitcoin Magazine.
The European Union is set to crack down on anonymous Bitcoin trades. In a press release issued this week, the European Commission announced a move to strengthen transparency rules in order to better combat terrorism, terror financing, and money laundering. According to the statement, this includes “ending anonymity” for virtual currency exchanges: “Tackling terrorist financing risks linked to virtual currencies: to prevent misuse of virtual currencies for money laundering and terrorist financing purposes, the Commission proposes to bring virtual currency exchange platforms and custodian....
The European Banking Authority (EBA) wrote an opinion on the application of its 4th Anti-Money Laundering Directive (4AMLD) to virtual currency exchanges and wallets last week. A response to recommendations from the European Commission, the EBA's remarks notably mention that VC exchanges and wallets operating in multiple countries in the EU "may […] be required to be registered or licensed in each Member State in which they intend to provide VC-related services". The seemingly small aside in the nine-page response is notable, as such a measure would be akin to the state-by-state....
The European Commission's proposal to regulate digital currency exchanges and custodial wallets has a bit of a bad rep. Announced in July, the executive branch of the European Union is advising that wallet providers be brought under the scope of its anti-money laundering (AML) and countering terrorist financing (CTF) regulations, and doing so has raised many controversies. Perhaps most notable have been the European Commission's proposed definition of "virtual currencies" and its alleged proposal to build a database of users. Both have stoked concerns in the industry. New topics....