Topic: New EU Law Will Make it Impossible for Banks to Ban Cryptocurrency-Related Trans (Read 295 times)
April 09, 2020, 07:18:28 AM
This is a very interesting take, but remember they can quite easily change it back when they want to. I don't trust that governments would change the payment system unless it was for their benefit, not the people.
March 23, 2020, 07:07:45 AM
The Fifth Anti-Money Laundering Directive (AMLD5) will soon go into effect and it will inadvertently boost the cryptocurrency industry in the EU. Under the new directive, cryptocurrency-related companies will be treated like any other business.
The blockchain sector has always seen regulation as the greatest roadblock. However, the latest installment of anti-money laundering laws in the European Union could change things.
The Fifth Anti-Money Laundering Directive (AMLD5) was officially signed into law in July 2018 and came into force on Jan 10 of this year. It groups all virtual assets and their providers as ‘obliged entities.’ According to Forbes writer Pawel Kuskowski, this places the cryptocurrency sector in the same legal category as banks, payment processors, gaming, and gambling-related services. In effect, this means that cryptocurrency-related businesses will be treated like any other.
However, the AMLD5 goes further in boosting protections for the cryptocurrency industry. Banks now have to provide valid, individual justification to refuse services to a particular customer. It cannot simply ban services with cryptocurrency-related payment processors or companies. This will mean that millions more will finally be able to purchase virtual assets without bank meddling.
What do you think about this? Also if you want to read the full article where i found the information, you can click on the link below.
https://beincrypto.com/new-eu-law-will-make-it-impossible-for-banks-to-ban-cryptocurrency-related-transactions/
The blockchain sector has always seen regulation as the greatest roadblock. However, the latest installment of anti-money laundering laws in the European Union could change things.
The Fifth Anti-Money Laundering Directive (AMLD5) was officially signed into law in July 2018 and came into force on Jan 10 of this year. It groups all virtual assets and their providers as ‘obliged entities.’ According to Forbes writer Pawel Kuskowski, this places the cryptocurrency sector in the same legal category as banks, payment processors, gaming, and gambling-related services. In effect, this means that cryptocurrency-related businesses will be treated like any other.
However, the AMLD5 goes further in boosting protections for the cryptocurrency industry. Banks now have to provide valid, individual justification to refuse services to a particular customer. It cannot simply ban services with cryptocurrency-related payment processors or companies. This will mean that millions more will finally be able to purchase virtual assets without bank meddling.
What do you think about this? Also if you want to read the full article where i found the information, you can click on the link below.
https://beincrypto.com/new-eu-law-will-make-it-impossible-for-banks-to-ban-cryptocurrency-related-transactions/
Very interesting, but i feel that the EU will challenge crypto as they do not understand it. Although most governments only care about their taxes and do not care where the money comes from.
March 20, 2020, 10:51:31 AM
The Fifth Anti-Money Laundering Directive (AMLD5) will soon go into effect and it will inadvertently boost the cryptocurrency industry in the EU. Under the new directive, cryptocurrency-related companies will be treated like any other business.
The blockchain sector has always seen regulation as the greatest roadblock. However, the latest installment of anti-money laundering laws in the European Union could change things.
The Fifth Anti-Money Laundering Directive (AMLD5) was officially signed into law in July 2018 and came into force on Jan 10 of this year. It groups all virtual assets and their providers as ‘obliged entities.’ According to Forbes writer Pawel Kuskowski, this places the cryptocurrency sector in the same legal category as banks, payment processors, gaming, and gambling-related services. In effect, this means that cryptocurrency-related businesses will be treated like any other.
However, the AMLD5 goes further in boosting protections for the cryptocurrency industry. Banks now have to provide valid, individual justification to refuse services to a particular customer. It cannot simply ban services with cryptocurrency-related payment processors or companies. This will mean that millions more will finally be able to purchase virtual assets without bank meddling.
What do you think about this? Also if you want to read the full article where i found the information, you can click on the link below.
https://beincrypto.com/new-eu-law-will-make-it-impossible-for-banks-to-ban-cryptocurrency-related-transactions/
The blockchain sector has always seen regulation as the greatest roadblock. However, the latest installment of anti-money laundering laws in the European Union could change things.
The Fifth Anti-Money Laundering Directive (AMLD5) was officially signed into law in July 2018 and came into force on Jan 10 of this year. It groups all virtual assets and their providers as ‘obliged entities.’ According to Forbes writer Pawel Kuskowski, this places the cryptocurrency sector in the same legal category as banks, payment processors, gaming, and gambling-related services. In effect, this means that cryptocurrency-related businesses will be treated like any other.
However, the AMLD5 goes further in boosting protections for the cryptocurrency industry. Banks now have to provide valid, individual justification to refuse services to a particular customer. It cannot simply ban services with cryptocurrency-related payment processors or companies. This will mean that millions more will finally be able to purchase virtual assets without bank meddling.
What do you think about this? Also if you want to read the full article where i found the information, you can click on the link below.
https://beincrypto.com/new-eu-law-will-make-it-impossible-for-banks-to-ban-cryptocurrency-related-transactions/
Very interesting take on the law, but remember they have been so anti crypto that don't expect this to be easy.
I also really like the news outlet the article is written by, I highly recommend their trading telegram channel as it gives free trading advice and it's a nice little community. If anyone is interested, the link to the channel is below.
https://t.me/BeInCryptoCommunity
March 19, 2020, 04:23:48 AM
If the regulation applies, I think more people will buy cryptocurrency and this will make crypto prices go up. Some countries have allowed bank transactions with cryptocurrency and I think more countries will regulate it and the prospects for cryptocurrency going forward are getting better.
March 19, 2020, 04:01:22 AM
This is very interesting that they are leaning towards crypto and I think it was always going to happen, governments only care about a few things and that's taxes and capital.
Like the image as well on the article, will read more articles from BeInCrypto.
Like the image as well on the article, will read more articles from BeInCrypto.
March 10, 2020, 11:44:52 AM
This is great news for the crypto world, also the fact that there is a lot of news that nations are accepting crypto as investment tool / currency.
March 09, 2020, 02:31:37 PM
The Fifth Anti-Money Laundering Directive (AMLD5) will soon go into effect and it will inadvertently boost the cryptocurrency industry in the EU. Under the new directive, cryptocurrency-related companies will be treated like any other business.
The blockchain sector has always seen regulation as the greatest roadblock. However, the latest instalment of anti-money laundering laws in the European Union could change things.
The Fifth Anti-Money Laundering Directive (AMLD5) was officially signed into law in July 2018 and came into force on Jan 10 of this year. It groups all virtual assets and their providers as ‘obliged entities.’ According to Forbes writer Pawel Kuskowski, this places the cryptocurrency sector in the same legal category as banks, payment processors, gaming, and gambling-related services. In effect, this means that cryptocurrency-related businesses will be treated like any other.
However, the AMLD5 goes further in boosting protections for the cryptocurrency industry. Banks now have to provide valid, individual justification to refuse services to a particular customer. It cannot simply ban services with cryptocurrency-related payment processors or companies. This will mean that millions more will finally be able to purchase virtual assets without bank meddling.
What do you think about this? Also if you want to read the full article where i found the information, you can click on the link below.
https://beincrypto.com/new-eu-law-will-make-it-impossible-for-banks-to-ban-cryptocurrency-related-transactions/
The blockchain sector has always seen regulation as the greatest roadblock. However, the latest instalment of anti-money laundering laws in the European Union could change things.
The Fifth Anti-Money Laundering Directive (AMLD5) was officially signed into law in July 2018 and came into force on Jan 10 of this year. It groups all virtual assets and their providers as ‘obliged entities.’ According to Forbes writer Pawel Kuskowski, this places the cryptocurrency sector in the same legal category as banks, payment processors, gaming, and gambling-related services. In effect, this means that cryptocurrency-related businesses will be treated like any other.
However, the AMLD5 goes further in boosting protections for the cryptocurrency industry. Banks now have to provide valid, individual justification to refuse services to a particular customer. It cannot simply ban services with cryptocurrency-related payment processors or companies. This will mean that millions more will finally be able to purchase virtual assets without bank meddling.
What do you think about this? Also if you want to read the full article where i found the information, you can click on the link below.
https://beincrypto.com/new-eu-law-will-make-it-impossible-for-banks-to-ban-cryptocurrency-related-transactions/
This is great news, on top of that fact about France, Germany, Australia and also South Korea working to regulate crypto.
March 07, 2020, 03:35:13 PM
In terms of cryptocurrencies business this is great news. However, governments should work on avoiding money laundering cases. Making KYC compulsory for all exchanges operating in their region could do something. KYC and AML should be top priority for exchanges also.
Decentralized exchanges such as Stakenet's upcoming Lightning Network supported DEX will give MASSIVE competition to centralized exchanges out there, since by trading over LN, you can do it instantly, and with incredibly low fees.
It's trustless, can't be shut down by anyone, and is 100% safe to use. Doesn't require KYC, accounts, or anything else.
Below is a screenshot. It's a built in DEX to their multi currency wallet, with 1-click Lightning Swaps. 2 world's first. Pretty excited about it!
March 07, 2020, 01:39:40 PM
In terms of cryptocurrencies business this is great news. However, governments should work on avoiding money laundering cases. Making KYC compulsory for all exchanges operating in their region could do something. KYC and AML should be top priority for exchanges also.
March 07, 2020, 01:04:23 PM
Interesting take, only time will tell if this is correct.
I think the banks etc will not let this happen too easily.
I think the banks etc will not let this happen too easily.
They can still not proceed transactions, but by doing that they will rich being sued and pay large fines. I dont think any for profit organisation will chose this way.
March 07, 2020, 10:06:10 AM
Interesting take, only time will tell if this is correct.
I think the banks etc will not let this happen too easily.
I think the banks etc will not let this happen too easily.
February 28, 2020, 01:56:21 AM
Almost any regulation of cryptocurrency strengthens its position, since its circulation in society is fixed at the legislative level. However, the regulation of cryptocurrency by European Union authorities is distinguished by a reasonable and practical approach. I still like the position of the European Union regarding cryptocurrency. Not only banks, but also other states will be forced to take similar actions and consolidate a similar cryptocurrency status.
February 26, 2020, 07:25:27 AM
The Fifth Anti-Money Laundering Directive (AMLD5) will soon go into effect and it will inadvertently boost the cryptocurrency industry in the EU. Under the new directive, cryptocurrency-related companies will be treated like any other business.
The blockchain sector has always seen regulation as the greatest roadblock. However, the latest installment of anti-money laundering laws in the European Union could change things.
The Fifth Anti-Money Laundering Directive (AMLD5) was officially signed into law in July 2018 and came into force on Jan 10 of this year. It groups all virtual assets and their providers as ‘obliged entities.’ According to Forbes writer Pawel Kuskowski, this places the cryptocurrency sector in the same legal category as banks, payment processors, gaming, and gambling-related services. In effect, this means that cryptocurrency-related businesses will be treated like any other.
However, the AMLD5 goes further in boosting protections for the cryptocurrency industry. Banks now have to provide valid, individual justification to refuse services to a particular customer. It cannot simply ban services with cryptocurrency-related payment processors or companies. This will mean that millions more will finally be able to purchase virtual assets without bank meddling.
What do you think about this? Also if you want to read the full article where i found the information, you can click on the link below.
https://beincrypto.com/new-eu-law-will-make-it-impossible-for-banks-to-ban-cryptocurrency-related-transactions/
The blockchain sector has always seen regulation as the greatest roadblock. However, the latest installment of anti-money laundering laws in the European Union could change things.
The Fifth Anti-Money Laundering Directive (AMLD5) was officially signed into law in July 2018 and came into force on Jan 10 of this year. It groups all virtual assets and their providers as ‘obliged entities.’ According to Forbes writer Pawel Kuskowski, this places the cryptocurrency sector in the same legal category as banks, payment processors, gaming, and gambling-related services. In effect, this means that cryptocurrency-related businesses will be treated like any other.
However, the AMLD5 goes further in boosting protections for the cryptocurrency industry. Banks now have to provide valid, individual justification to refuse services to a particular customer. It cannot simply ban services with cryptocurrency-related payment processors or companies. This will mean that millions more will finally be able to purchase virtual assets without bank meddling.
What do you think about this? Also if you want to read the full article where i found the information, you can click on the link below.
https://beincrypto.com/new-eu-law-will-make-it-impossible-for-banks-to-ban-cryptocurrency-related-transactions/
For the crypto community and the crypto industry as a whole, this is of course very good news, but you still need to understand why the EC decided to make concessions for crypto. As far as I know in the EU, as in the USA, the situation is very poor. You may have heard of the recession. So, the EC, like the United States, is pumping up its economy with money that you yourself understand are especially worthless. All this leads to the fact that very soon an international economic crisis may occur, where countries and their money will collapse. Perhaps it is this EC directive that is the lifeline, not only for the EC itself, but in a sense the banks themselves. So we need to get ready for the fact that we will soon be swapping 1 - 2 years, there will be big changes in the financial sector in the world and cryptocurrencies will play their part in solving the problems that have arisen.
February 26, 2020, 07:13:29 AM
This is great news for all crypto projects based in the EU and citizens based there as well.
February 25, 2020, 03:46:26 PM
I still do not know why some countries and their governments have banned or declared cryptos as illegal where as every educated person knows that crypto currencies are the future and blockchain tech is the main revolutionary technology on which crypto is based and allowing official channels like banking to sale, purchase or transfer crypto will give governments more taxes and revenue that is why governments should encourage people to use official channels and let crypto grow.
February 25, 2020, 03:19:12 PM
I guess there is both a law that prevents you from not doing work because of prejudice but there is also a law that says you do not have to work with someone. I doubt banks would care in any regard since they are so big and vast that working with crypto could help them or hurt them and neither would be too big for them, they are big enough to not feel crypto companies they work with, it is like ants for them.
In the end it is nice for us at least, we would be capable of working with crypto companies knowing they are more legit thanks to this. With this I am sure there will be a huge crypto company in EU that works with euro and has deals with European banks (dunno if you guys have one big common bank) and get bigger than coinbase in the end and serve all of Europe.
In the end it is nice for us at least, we would be capable of working with crypto companies knowing they are more legit thanks to this. With this I am sure there will be a huge crypto company in EU that works with euro and has deals with European banks (dunno if you guys have one big common bank) and get bigger than coinbase in the end and serve all of Europe.
February 25, 2020, 04:14:59 AM
This is interesting to hear but as with many directives, countries can be very laxed into forcing entities in their own territory to enforce them.
With banks especially, I've personally witnessed many of them breaking GDPR daily and yet national authorities of many countries do absolutely nothing to stop the, while the liability and potential prosecution is still there for small businesses. It's crazy what banks can get away with.
With banks especially, I've personally witnessed many of them breaking GDPR daily and yet national authorities of many countries do absolutely nothing to stop the, while the liability and potential prosecution is still there for small businesses. It's crazy what banks can get away with.
February 25, 2020, 04:00:09 AM
As they are treated like banks, payment processor and gambling site, they would also be regulated the same way. Regulation could be fruitful for companies trying to raise funds with crypto and investors aiming to invest in a legit place but would marginalize community based coins which are not in business model.
February 25, 2020, 03:50:44 AM
Bitcoin was once "marketed" by some people as bank killer or something along those lines. But now, we see articles like this that praises laws/regulations that banks themselves were pushing for. Ironic isn't it?
Developers of bitcoin, ethereum, and even litecoin are talking about increasing privacy and yet here we are being happy about regulators mandating exchanges that we use to collect more personal data from us.
Developers of bitcoin, ethereum, and even litecoin are talking about increasing privacy and yet here we are being happy about regulators mandating exchanges that we use to collect more personal data from us.
February 24, 2020, 05:15:06 PM
Win-win situation for us, however, I will still be cautious though, too much information are to be given and that completely goes against crypto.
If crypto exchanges are going to be business entities, then it will likely ask a lot of personally information from us? Majority goes to crypto because of it's (pseudo) anonymity, but if we are going to exposed ourselves then it could shun away crypto enthusiast, just saying.
If crypto exchanges are going to be business entities, then it will likely ask a lot of personally information from us? Majority goes to crypto because of it's (pseudo) anonymity, but if we are going to exposed ourselves then it could shun away crypto enthusiast, just saying.
Jump to: