The Anti-Money Laundering directive is in place in the EU quite all right, bitcoin exchanges are already following the KYC/AML regulations. However there is no way to monitor peer-to-peer bitcoin transfers as those are totally anonymous.
If you are buying/selling bitcoins through an exchange, you will have to supply a little bit of information about yourself.
Topic: AML Regulation on Bitcoin? (Read 1705 times)
AML/KYC rules does not apply to Bitcoin. Only if you are crossing limits (depending on country) of trading BTC <-> FIAT you have to validate your account with documents - as the AML/KUC rules require.
KILL IT WITH FIRE
KILL IT BEFORE IT LAYS EGGS!
KILL IT BEFORE IT LAYS EGGS!
It depends a lot where you are. In France and Italy or the UK, governments have declared war on cash, but banks are only asked to report, and eventually investigate, large cash transactions. If you only buy or sell 2/3 BTC, you shouldn't bother about AML rules, but if you buy 5 BTC every other day for a month, your bank will notice, and report, this behavior.
According to this artcile the EU is just starting to make a proposal on AML for Bitcoin
http://www.coindesk.com/vote-moves-european-parliament-closer-aml-task-force/
http://www.coindesk.com/vote-moves-european-parliament-closer-aml-task-force/
Not bitcoin, you should read more carefully.
Quote
Speaking with CoinDesk this afternoon, founder of the European Digital Currency and Blockchain Technology Forum (EDCAB) described the vote as part of a larger movement to regulate virtual currency exchange platforms under existing anti-money laundering (AML) controls.
Plus:
Quote
Despite the measures, Europe has long been thought of as having more favorable digital currency regulation than other developed nations, particularly the US.
I shouldn't worry too much about the EU. After the BRexit, the EU will start to fragment. France, Italy and even Germany are starting to talk about following Britain out of the EU.
Anti Money laundering rule does not only apply to bitcoin. It applies to every type of currency.
Even though EU rule makers try to enforce AML on bitcoin, it will be a very very difficult job due to the decentralized nature and great sense of anonymity.
I think EU should be more flexible in terms of accepting innovative solutions to their economy because they are already in a bad shape.
Anyway, till the time EU starts enforcing AML to individual bitcoin holders, enjoy the power of bitcoin.
Even though EU rule makers try to enforce AML on bitcoin, it will be a very very difficult job due to the decentralized nature and great sense of anonymity.
I think EU should be more flexible in terms of accepting innovative solutions to their economy because they are already in a bad shape.
Anyway, till the time EU starts enforcing AML to individual bitcoin holders, enjoy the power of bitcoin.
According to this artcile the EU is just starting to make a proposal on AML for Bitcoin
http://www.coindesk.com/vote-moves-european-parliament-closer-aml-task-force/
http://www.coindesk.com/vote-moves-european-parliament-closer-aml-task-force/
I don't think there's anything bitcoin specific, businesses dealing with money have to follow AML/KYC directives, that does apply to some bitcoin businesses.
Folks,
do you know of any EU Regulation regarding AML on Bitcoin? I guess it is still in his very infancy.
Thanks
do you know of any EU Regulation regarding AML on Bitcoin? I guess it is still in his very infancy.
Thanks
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