As the European Parliament’s vote on the
5th Anti-Money Laundering Directive (5AMLD) draws
closer, there is still little consensus on how best to regulate
so-called crypto-currencies.
A January 25 vote by the European Parliament’s
Economic and Monetary Affairs Committee on the proposed 5AMDL
text is scheduled before a wider adoption by the European
Parliament. Before that, a series of amendments from the
Council of the European Union in November stressed that
digital currencies do not have legal tender status in any
European member state.
Bitcoin use is on the rise even if it struggles with
a bad reputationAccording to Chris Finney, head of
Cooley's financial services and fintech regulatory practice in
London, the EU-level’s efforts come as a result of
the 2015 Paris attacks, and focuses solely on the prevention of
anti-money laundering (AML) and terrorism financing, and how
these pertain to digital currencies."But no framework is...