5AMLD: EU crypto-currency framework draws closer

Author: Amélie Labbé | Published: 11 Jan 2017

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...