Crypto Regulation: European Commission Proposes Single Oversight Regime

The European Banking Authority (EBA) has advised that the European Commission establish a regulatory regime specific to virtual currencies such as bitcoin. Commenting on the commission’s proposal to amend the existing European anti-money laundering directive, the EBA expresses the opinion that, in the long term, oversight of digital currencies should not fall under regular anti-money laundering provisions, but rather under a specialized EU body. In a response to the commission published by the EBA in August 2016, the banking authority suggests that the existing anti-money laundering....

France has proposed giving more power to the Paris-based European Securities and Markets Authority (ESMA) and making it responsible for cryptocurrency oversight. French regulators say cryptocurrencies need EU-wide regulation. EU-Wide Crypto Regulation With ESMA as Main Supervisor France proposed Tuesday that the EU governments give the responsibility of regulating cryptocurrencies to the pan-European markets watchdog, the Paris-based European Securities and Markets Authority (ESMA), instead of national regulators, the Financial Times reported. The French markets regulator, Autorité....

Most European citizens reject the idea of a cryptocurrency regulation regime imposed by the European Union (EU) on its member states, according to a recent survey. Most surveyed citizens lean towards independent cryptocurrency regulation in each country, compared to 25% that approve an EU-imposed regulation. However, most of the citizens polled acknowledged they still don’t know much about cryptocurrencies in the first place. Europeans Reject EU Crypto Laws, Favor Local Proposals European citizens are against the establishment of EU-imposed cryptocurrency-related laws,....

The European Commission’s recent decision to delay new anti-money laundering legislation by six-months is the latest in a string of new developments impacting digital currencies in the EU. This proposed directive which will now be pushed back to June 2017, proposes stricter controls around corporate entity structures and virtual currencies, with greater powers granted to tax authorities to investigate crimes. A January 25, 2017 vote of the European Parliament’s Economic and Monetary Affairs has been scheduled before it moves on to a wider vote by the European Parliament. Terrorist acts in....

The European Commission is preparing to discuss with member states the adoption of a common tax regime for crypto assets, European officials have indicated. The talks with national treasuries are expected to start next year with the aim to end the differentiated tax treatment of cryptocurrencies across the bloc’s 27 jurisdictions. European Union to Consider Single Tax Regime for Crypto Income and Profits The executive body in Brussels, the European Commission, intends to soon launch talks with the financial ministries of the member states on whether establishing a Union-wide tax regime for....