New EU Law Will Make it Impossible for Banks to Ban Cryptocurrency-Related Trans

[bramborakymilenec]

The Fifth Anti-Money Laundering Directive (AMLD5) will soon go into effect and it will inadvertently boost the cryptocurrency industry in the EU. Under the new directive, cryptocurrency-related companies will be treated like any other business.

The blockchain sector has always seen regulation as the greatest roadblock. However, the latest instalment of anti-money laundering laws in the European Union could change things.

The Fifth Anti-Money Laundering Directive (AMLD5) was officially signed into law in July 2018 and came into force on Jan 10 of this year. It groups all virtual assets and their providers as ‘obliged entities.’ According to Forbes writer Pawel Kuskowski, this places the cryptocurrency sector in the same legal category as banks, payment processors, gaming, and gambling-related services. In effect, this means that cryptocurrency-related businesses will be treated like any other.

However, the AMLD5 goes further in boosting protections for the cryptocurrency industry. Banks now have to provide valid, individual justification to refuse services to a particular customer. It cannot simply ban services with cryptocurrency-related payment processors or companies. This will mean that millions more will finally be able to purchase virtual assets without bank meddling.

What do you think about this? Also if you want to read the full article where i found the information, you can click on the link below.

https://beincrypto.com/new-eu-law-will-make-it-impossible-for-banks-to-ban-cryptocurrency-related-transactions/

This is great news, on top of that fact about France, Germany, Australia and also South Korea working to regulate crypto.

[roganite]

This is great news for the crypto world, also the fact that there is a lot of news that nations are accepting crypto as investment tool / currency.

[cryptowomba]

This is very interesting that they are leaning towards crypto and I think it was always going to happen, governments only care about a few things and that's taxes and capital.

Like the image as well on the article, will read more articles from BeInCrypto.

[Lexurdania]

If the regulation applies, I think more people will buy cryptocurrency and this will make crypto prices go up. Some countries have allowed bank transactions with cryptocurrency and I think more countries will regulate it and the prospects for cryptocurrency going forward are getting better.

[handy_hotdog]

The Fifth Anti-Money Laundering Directive (AMLD5) will soon go into effect and it will inadvertently boost the cryptocurrency industry in the EU. Under the new directive, cryptocurrency-related companies will be treated like any other business.

The blockchain sector has always seen regulation as the greatest roadblock. However, the latest installment of anti-money laundering laws in the European Union could change things.

The Fifth Anti-Money Laundering Directive (AMLD5) was officially signed into law in July 2018 and came into force on Jan 10 of this year. It groups all virtual assets and their providers as ‘obliged entities.’ According to Forbes writer Pawel Kuskowski, this places the cryptocurrency sector in the same legal category as banks, payment processors, gaming, and gambling-related services. In effect, this means that cryptocurrency-related businesses will be treated like any other.

However, the AMLD5 goes further in boosting protections for the cryptocurrency industry. Banks now have to provide valid, individual justification to refuse services to a particular customer. It cannot simply ban services with cryptocurrency-related payment processors or companies. This will mean that millions more will finally be able to purchase virtual assets without bank meddling.

What do you think about this? Also if you want to read the full article where i found the information, you can click on the link below.

https://beincrypto.com/new-eu-law-will-make-it-impossible-for-banks-to-ban-cryptocurrency-related-transactions/

Very interesting take on the law, but remember they have been so anti crypto that don't expect this to be easy.

I also really like the news outlet the article is written by, I highly recommend their trading telegram channel as it gives free trading advice and it's a nice little community. If anyone is interested, the link to the channel is below.

https://t.me/BeInCryptoCommunity

[beetlejam]

The Fifth Anti-Money Laundering Directive (AMLD5) will soon go into effect and it will inadvertently boost the cryptocurrency industry in the EU. Under the new directive, cryptocurrency-related companies will be treated like any other business.

The blockchain sector has always seen regulation as the greatest roadblock. However, the latest installment of anti-money laundering laws in the European Union could change things.

The Fifth Anti-Money Laundering Directive (AMLD5) was officially signed into law in July 2018 and came into force on Jan 10 of this year. It groups all virtual assets and their providers as ‘obliged entities.’ According to Forbes writer Pawel Kuskowski, this places the cryptocurrency sector in the same legal category as banks, payment processors, gaming, and gambling-related services. In effect, this means that cryptocurrency-related businesses will be treated like any other.

However, the AMLD5 goes further in boosting protections for the cryptocurrency industry. Banks now have to provide valid, individual justification to refuse services to a particular customer. It cannot simply ban services with cryptocurrency-related payment processors or companies. This will mean that millions more will finally be able to purchase virtual assets without bank meddling.

What do you think about this? Also if you want to read the full article where i found the information, you can click on the link below.

https://beincrypto.com/new-eu-law-will-make-it-impossible-for-banks-to-ban-cryptocurrency-related-transactions/

Very interesting, but i feel that the EU will challenge crypto as they do not understand it. Although most governments only care about their taxes and do not care where the money comes from.

[iloveturtles]

This is a very interesting take, but remember they can quite easily change it back when they want to. I don't trust that governments would change the payment system unless it was for their benefit, not the people.