Bitcoin, proposal for amending Directive (EU) 2015/849 https://t.co/iurkztmlOV— Stefano Capaccioli (@s_capaccioli) 5 luglio 2016
Europe Crackdown on Virtual Currency and Prepaid Cards
The EU is cracking down on virtual currency and prepaid cards in the wake of the terrorist attacks in Paris last year. The European commission will bring fiat to crypto exchanges under the same degree of regulatory scrutiny as traditional bank accounts with onus on the exchanges to monitor for suspicious transactions. Prepaid Bitcoin cards will have their anonymous limits reduced from EUR 250 to EUR 150 as there was evidence the Paris attackers used this means of financing.
“Today’s proposals will help national authorities to track down people who hide their finances in order to commit crimes such as terrorism,’’
Directive (EU) 2015/849 on preventing the use of the financial system for money laundering or terrorist financing (4AMLD) [Directive 2009/101/EC - consequential changes to the relevant company law rules are required]
Amendments Add virtual currency exchange platforms as well as custodian wallet providers to the list of obliged entities. These are the “gatekeepers” allowing the public to have access to the various schemes of virtual currencies. By providing a regulatory framework for the functioning of exchanges, competent authorities will be able to better monitor currency transfers. As obliged entities under the 4AMLD, as financial institutions are, virtual currency exchange platforms (and wallet providers) become subject to the obligation to implement preventive measures and report suspicious transactions.
http://ec.europa.eu/justice/criminal/document/files/aml-factsheet_en.pdf
