Bitcoin

EU push for Cryptocurrency Transparency will benefit Virtual Currencies

In News, Virtual Currencies by Parvesh ShamdasaniLeave a Comment

According to Reuters the EU has agreed to force cryptocurrency exchanges to identify their users. This includes KYC requirements which is an essential AML aspect in any financial institution. The EU push for Cryptocurrency Transparency will benefit Virtual Currencies as a whole and the transparency purge will only serve to boost the legitimacy of the currency. This is definitely a move in the right direction as removing the anonymity aspect will make the industry a less likely target for money launders.

The EU seems to be embracing Fintech as they only penned a Declaration on the establishment of a European Blockchain Partnership a couple of months ago, allowing for “Member States to exchange experience and expertise in technical and regulatory fields and prepare for the launch of EU-wide blockchain applications across the Digital Single Market for the benefit of the public and private sectors.” Such announcements and agreements will ensure that the EU will continue to play a leading role in the development of blockchain technologies.

Business and compliance enthusiast, problem solver, road warrior, police ID check magnet, and half geek whose exploits have taken him around the United States, United Kingdom, Caribbean, India, deep into Southeast Asia and West Africa. Entered the anti-money laundering and high risk field to help develop understanding, contribute research, improve standards, prevent profiteering at the expensive of SMEs, and to protect interests of the average person.
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