Bitcoin was devised to avoid regulatory control. The European Banking Authority has other ideas - including AML measures
The European Banking Authority (EBA) has called on national regulators to discourage banks and payment institutions from dealing in so-called virtual currencies such as Bitcoin to “shield regulated financial services” .
The EBA also recommends that EU legislators consider declaring virtual currency market participants who are “at the direct interface between conventional and virtual currencies, such as virtual currency exchanges”, to become ‘obliged entities’ under the EU Anti Money Laundering Directive.
A circular by law firm CMS Cameron McKenna at lexology.com says that the EBA is also calling for a “substantial body” of regulation of virtual currency market participants, including the establishment of governing authorities “accountable for the integrity of a virtual currency scheme and the imposition of capital requirements”, the firm says.
The European Banking Authority (EBA) has called on national regulators to discourage banks and payment institutions from dealing in so-called virtual currencies such as Bitcoin to “shield regulated financial services” .
The EBA also recommends that EU legislators consider declaring virtual currency market participants who are “at the direct interface between conventional and virtual currencies, such as virtual currency exchanges”, to become ‘obliged entities’ under the EU Anti Money Laundering Directive.
A circular by law firm CMS Cameron McKenna at lexology.com says that the EBA is also calling for a “substantial body” of regulation of virtual currency market participants, including the establishment of governing authorities “accountable for the integrity of a virtual currency scheme and the imposition of capital requirements”, the firm says.
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