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Title: [2016-07-07] Evaluating the EU's New Definition for Virtual Currencies Post by: foserfox on July 07, 2016, 09:15:24 AM Jacek Czarnecki is an attorney at Warsaw-based law firm Wardynski & Partners, where he specializes in areas including FinTech, digital currencies and blockchain.
In this opinion piece, Czarnecki discusses a new proposal in the European Union aimed at terrorist financing, and its potential larger implications for the blockchain sector. The European Commission this week adopted a legislative proposal meant to bring virtual currency exchanges and custodian wallet providers under the scope of the EU's Anti-Money Laundering Directive. This step should have been expected, as it has been clear that the European Commission wanted the AML regulatory framework to be extended. However, the importance of the proposed laws still can go beyond AML regulations. Perhaps the most far-reaching consequences could be triggered through its introduction of a legal definition for "virtual currencies", the first under EU law. More: http://www.coindesk.com/anti-terror-eu-definition-digital-currencies/ |