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Author Topic: [2014-06-04] Banktech: Dutch Banks Told to Steer Clear of Bitcoin  (Read 449 times)
bryant.coleman
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June 04, 2014, 04:14:30 PM
 #1

http://www.banktech.com/regulation-compliance/dutch-banks-told-to-steer-clear-of-bitco/240168380

Quote
But the Dutch Central Bank said in its statement that banks should be hesitant about doing business with Bitcoin-related businesses because of its anonymity, which could be used to skirt anti-money laundering laws. That makes virtual currencies like Bitcoin “an attratcive target for criminal activities,” the central bank said in its statement.


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June 04, 2014, 05:17:54 PM
 #2

soon or later they will regret that Smiley

And when I read :
Quote
Some countries, like China, have already banned Bitcoin. In the U.S., the Federal Reserve has yet to make any rules regarding Bitcoin, although FINCEN has ruled that individuals mining Bitcoins for personal use, and companies trading in Bitcoins as an investment are not subject to the Bank Secrecy Act and its money-laundering rules. If the Netherlands --a country where Bitcoin has already gained some measure of public acceptance -- were to seriously restrict the use of Bitcoin, it could impact how other countries in the EU approach regulation of virtual currencies. And, with China already out of the Bitcoin game, that in turn could harm the viability of Bitcoin as an international payments mechanism.

well ... I live in UE and I am pretty sure soon or later my lovely goverment will try to put some regulations on it as they already regulate VAT for miners but this isn't big deal - as we pay taxes for everything so it isn't strange that they want us to pay taxes for mining as it is profitable (in some cases).

Well UK gov put a tax on it too as I remember..

But well - taxes are something that I can understand (or not really ... because why I should pay them if they are not givin me any help to earn?...) ... Taxes are everywhere and on everything so I get used to it.

I am sure Europe will never ban Bitcoin - will support Bitcoin and this is for sure - with some taxes too but ... normal.

And well according to quote from this article - China ban so so painful? I don't think so.


Kind regards!


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@roslinpl

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@roslinpl
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June 04, 2014, 07:27:37 PM
Last edit: June 04, 2014, 08:00:56 PM by notthematrix
 #3

Dutch bank are free tp invest in bitcoin.
They are not controled like chineese or US banks.

that bitcoins CAN BE a risk notting more!

So we need to use offshore contructions to avoid regulations were ANONYMITY of source could be a problem.
banks are stilll free to work with bitcoin this is more a guide to implement it correctly.
so they play by the rules.
If correctly implemented 'offshore banking' the effect will be that bitcoin is exempt from all kind of AML and KYC restrictions.
as explained in the tax free tour http://www.youtube.com/watch?v=d4o13isDdfY
btc-e for example is doing it like this for years.
In offshore banking a unkown source of transactions is part of its working,
in this way banks still can intergrade bitcoin and play by the KYC and AML rules at the same time.
Welcome in The netherlands Smiley





http://www.dnb.nl/publicatie/publicaties-dnb/nieuwsbrieven/nieuwsbrief-banken/nieuwsbrief-banken-juni-2014/dnb308035.jsp

(dutch)
so there is realy notting new!


Translation.

DNB warns banks and payment institutions integrity risks in virtual currencies

news item
    Date June 3, 2014

In transactions and similar bitcoin virtual currency or altcoins , there is a high degree of anonymity . Banks and payment institutions should therefore be aware of the derived integrity risks they face because they are the identities of the parties involved in virtual currency sales or purchases not know or insufficient . DNB qualifies the current virtual currencies ( bitcoin and other altcoins ) as products with a very high risk profile .
bit coin

anonymity
At first glance , the underlying systems of transactions in bitcoins and similar virtual currencies very transparent. Transactions are recorded in a public transaction log , so the paths that virtual currency amounts publicly accessible and traceable. However, the transactions are hardly reducible to physical persons . Because virtual currencies may additionally be used as means of payment they are attractive as a link in a money laundering process .

Derived integrity risk and facilitating money laundering
Anonymity within the current virtual currency systems has implications for the management of banks and payment institutions that are considering investing in virtual currencies or have relationships with in altcoins acting entrepreneurs. Because of the anonymity entrepreneurs - whether banks / payment institutions - that have no direct relationship with the parties who sell virtual currency or purchases , or knowledge of their identity . When a bank or payment institution altcoins acting entrepreneurs is relationship , the ( re) purchasers of virtual currencies through which entrepreneurs indirect relationships of that bank or institution . As can also affect indirect relationships reputation of the bank or institution , there is a derived integrity risk . Because altcoins additionally be used as currency , financial institutions could facilitate . By (indirect ) involvement in virtual currency trading inadvertently laundering DNB doubts that banks and payment institutions are able to transactions or clients related to measures in the framework of controlled and sound operations . Appropriate measures to virtual currencies

Finally,
DNB qualifies the current virtual currencies ( bitcoin and other altcoins ) as products with a very high risk . DNB banks and payment institutions that do decide to get involved in virtual currency companies or invest , therefore themselves into virtual currency in any way involved rigorous tests to ensure compliance with applicable regulations (among others Wwft and Wft ) . In 2014 , DNB will determine whether banks and payment institutions active with new payment methods such as virtual currency and assess these settings control the integrity risks . The controls should include effective measures regarding customer acceptance and monitoring of new innovative companies .




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