European Parliament Votes for Tightening Crypto Regulation

April 22, 2018

Cryptocurrency regulation in Europe is to be toughened soon as the majority of the European Parliament members have voted for adopting together with the European Council joint measures to prevent using cryptocurrencies for money laundering and terrorism financing.

Agreement between the EP and EC was reached in December last year. The voting on the issue was held on April 19 with 574 yes and 13 no votes, 60 members abstaining.

New measures will be aimed at struggle against anonymous digital currency transactions. From now on crypto exchanges, platforms and wallets have to undergo official registration at regulatory entities and identify its users.

“Criminal behaviour hasn't changed. Criminals use anonymity to launder their illicit proceeds or finance terrorism. This legislation helps address the threats to our citizens and the financial sector by allowing greater access to the information about the people behind firms and by tightening rules regulating virtual currencies and anonymous prepaid cards”, Krisjanis Karins, the member of the European Parliament said.

Another parliamentarian Judith Sargentini has claimed, billions of euros get lost in money laundering, terrorism financing and tax evasion while the money could have been spent for improving social infrastructure.

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