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...

Regulatory Update – USA, EU and Spain

https://www.youtube.com/watch?v=BMXVrfCZjXg

EU to Regulate Cryptocurrency Exchanges

EU Commission to push forward implementation of 4th Anti-Money Laundering Directive (4AMLD). EU Commission has also tabled amendments to 4AMLD to regulate all cryptocurrency exchanges in EU.Also mentioned they will look into whether to regulate exchanges...

Poland Ministry of Finance Calls for EU-Level Bitcoin Regulation

Poland’s Ministry of Finance has stated that digital currencies, due to their cross-border characteristics, should be regulated at the EU level and that the Polish Government would not create own regulation.. The opinion was written...

Crypto Compliance Tools – a Growth Industry?

The EU Commission recognised back in October 2015 (regarding virtual currencies) that “Law Enforcement Agencies (LEAs) are often lagging behind when tackling criminal activities supported by "advanced" technologies.” They suggested to provide grant funding (up to EUR5m) to...

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...

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...

European Court of Justice rules that Bitcoin is VAT exempt.

Following the appeal of David Hedqvist against the decision of the Swedish Tax Authority (Skatterverket) to tax Bitcoin transactions, the European Court of Justice (ECJ) have ruled that such transactions should be; "exempt from VAT...

Far Right-Driven European Parliament Motion on Controlling Digital Currencies Updated

A European Parliament motion calling for a resolution controlling virtual currencies such as bitcoin has this week been updated. In November, the motion was first brought by three MEPs from France's National Front party, Sophie Montel, Florian Philippot...

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...