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Europe introduces stricter regulation in the crypto sector

Apr 20 2018
By
Jonathan Smith

 

 

Crypto exchanges operating in the EU will have to be registered with the relevant authorities and will be required to introduce customer due diligence procedures, including ID verification. This became clear after the European Parliament’s members voted to support an agreement with the European Council on Thursday.

 

The agreement represents the latest update of the EU Anti-Money Laundering Directive and the introduced measures aim to prevent the use of cryptocurrencies in money laundering and terrorism financing.

 

The amendments are intended to address the risks related to the anonymity of blockchain technologies. To date, the crypto exchanges in EU countries are largely unregulated and countries lose billions to money laundering, terrorism financing, and tax evasion.

 

According to the new tougher rules, in order provide regulated exchange and payment services, cryptocurrency trading platforms and wallet providers will have to apply for registration with the relevant authorities. Furthermore, they will be obliged to introduce customer due diligence controls, including identity verification procedures.

 

The updated EU AML Directive will come into force three days after its publication in the Official Journal of the European Union. Then, EU Member States will have 18 months to transpose the new rules into national law.    

   

 

TAGS: Europe  crypto exchanges  Regulation  Bitcoin 
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