ESMA takes ‘wait and see’ approach in relation to DLT.

ESMA takes ‘wait and see’ approach in relation to DLT. ESMA stresses that MIFID/EMIR and other EU regulations are “technology agnostic”. This means institutions using blockchain technology “need to consider existing rules when designing DLT...

EBA’s Opinion on Proposal to Regulate Virtual Currency Exchanges/Wallets

The EBA have reviewed the EU Commission's proposal to regulate VC exchanges and wallets and have provided their Opinion on the matter. They have interpreted the Commission's proposal as requiring VC exchanges/wallets to register in...

Darknet references may accelerate de-anonymisation trend

The criminal investigator of the shootings in Munich references the 'darknet' as the possible market where the David Sonboly, the perpetrator of the killings in the Olympia shopping centre in Munich, may have acquired...

EU Commission Proposal: Virtual Currency Exchanges and Custodians to be Regulated under 4AMLD by...

The EU Commission has proposed an amendment (Proposal) to Article 2 of Directive 2015/849, namely the 4th Anti-Money Laundering Directive (4AMLD), “in order to add to the list of obliged entities virtual currency...

EU Commission to propose Central Database of Virtual Currency Users

The EU Commission in its latest proposal to regulate virtual currency exchanges and custodian wallets (Proposal) suggests a further amendment to the 4th Anti-Money Laundering Directive (4AMLD) which may result in the creation of...

On the Cusp of a EU Digital Currency Taskforce

You may recall that a Report was produced by Jakob Von Weizsäcker to set up a Virtual Currency Taskforce. This is being voted on today in the EU Parliament. If passed (which is most...

EU Update on Application of Enhanced Due Diligence to VC Exchanges

Bitlegal has been in communication with the EU commission surrounding the regulation of digital currency exchanges under 4AMLD. We have been concerned that the requirement from FATF that enhanced due diligence measures (EDD) be conducted...

EU Economic Committee supports creation of Digital Currency Taskforce

The EU Parliament's Economic and Monetary Affairs Committee by 54 votes to 1 voted to support Jakob Von Weizsäcker’s proposal to set up a ‘taskforce’ to “build up the necessary expertise in the underlying...

Estonian Court confirms AML licensing requirement

Estonian Supreme Court this week confirmed on 11 April that digital currency exchanges are subject to anti-money laundering (AML) supervision. Uku Tampee from the Police and Border Guard Board states that services which provide alternative...

European Union – Policy Summary for Regulation of Virtual Currency

EUROPEAN COMMISSION COM(2016) 50/2 Published in February 2016 COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on an Action Plan for strengthening the fight against terrorist financing “Virtual currency exchange platforms: There is a risk...