EU away for years of consistent regulatory Bitcoin

The European Union (EU) is still years away from a single Bitcoin-regulation, as stated in a recent report of the SWIFT Institute. According to the report there is a lack of convincing arguments why the virtual currency Bitcoin is to be taken with under the umbrella of the current legal framework for EU payment services (PSD2) and Anti-Money Laundering (AMLD4).

The PSD 2 part was only introduced in October this year by the EU and contains several new consumer protection rules. In addition, it aims to promote the development and use of innovative payment methods. The AMLD4 been established in accordance with the Financial Action Task Force (FATF) in 2012 to the Europe-wide Anti-Money laundering law (AML) and Anti-Terrorist Financing Act (CTF) to improve.

Since the multi-purpose prepaid cards gradually lose its appeal and network-based are increasingly Payment Methods inlet, the e-Money rules quickly loses important. “A reorientation towards virtual currencies could breathe new life into the dusty discussion and draw the legal situation also toward crypto currencies,” the report said.

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