Author

Topic: AML Regulation on Bitcoin? (Read 1703 times)

full member
Activity: 252
Merit: 100
May 19, 2016, 02:33:24 AM
#10
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.
sr. member
Activity: 602
Merit: 250
May 08, 2016, 08:44:19 PM
#9
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.
member
Activity: 140
Merit: 10
May 08, 2016, 07:17:32 PM
#8
KILL IT WITH FIRE
KILL IT BEFORE IT LAYS EGGS!

legendary
Activity: 3066
Merit: 1047
Your country may be your worst enemy
May 03, 2016, 05:15:39 PM
#7
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.
legendary
Activity: 2786
Merit: 1031
May 03, 2016, 05:54:49 AM
#6
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/

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.
legendary
Activity: 2814
Merit: 2472
https://JetCash.com
May 03, 2016, 05:37:14 AM
#5
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.
legendary
Activity: 3080
Merit: 1500
May 03, 2016, 05:29:19 AM
#4
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.
full member
Activity: 237
Merit: 100
May 03, 2016, 04:51:02 AM
#3
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/
legendary
Activity: 2786
Merit: 1031
May 03, 2016, 03:31:22 AM
#2
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.
full member
Activity: 237
Merit: 100
May 03, 2016, 01:42:57 AM
#1
Folks,

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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