The European Union Wants to Identify Bitcoin Users
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....
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A newly drafted proposal to amend the existing directive of preventing money laundering and terrorism financing is seeking to introduce significant regulatory authority over the usage of digital currencies like bitcoin. Members of the European Parliament (MEPs) are deliberating to extend the scope of the Anti-Money Laundering Directive (AMLD) to include virtual currencies, a move that could end the anonymity of cryptocurrency adopters and users. The existing AMLD, published in May 2015, does not include any mention or coverage of virtual currencies. CCN reported on a separate proposal put....
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....
As Britain plans to exit from the European Union, London-based fintech companies plan to exit Britain. There have been discussions about the United Kingdom exiting from the European Union for a while now. Most of us know that the European Union is not doing that great when it comes to the economy. Many EU countries have been suffering from economic slowdown for years. Greece has been in financial ruins for years now, France is not doing so good either, Germany, Netherlands and rest of the Europe are affected by the counter-sanctions imposed by the Russian Federation. The United Kingdom has....
The resolution recommended authorities in the parliament's 27 member states consider a “simplified tax treatment” for crypto users involved in occasional or small transactions. Members of the Parliament of the European Union voted in favor of a non-binding resolution aimed at using blockchain to fight tax evasion and coordinate tax policy on cryptocurrencies.In an Oct. 4 notice, the European Parliament said 566 out of 705 members voted in favor of the resolution originally drafted by member Lídia Pereira. According to the legislative body, the resolution recommended authorities in its 27....
The European Union is not in a hurry to implement Bitcoin regulations as they are not sure about the potential of bitcoin and its underlying technology. The European Union is not in a hurry to introduce Bitcoin regulations in its territory, decided the lawmakers earlier today. The news comes as a relief to many bitcoin users and businesses in the region. After a long discussion about the introduction of Bitcoin regulations in the European Union, the lawmakers have decided not to snuff-out innovation in the segment by premature legal interference. This move comes as a relief for the....