Topic: New EU Law Will Make it Impossible for Banks to Ban Cryptocurrency-Related Trans - page 2. (Read 281 times)
February 24, 2020, 04:44:52 PM
Very encouraging news and i think all those countries who are still silent or are confused and in some cases have banned all crypto related businesses and services should study these policies and should come up with something similar otherwise they will be left behind, every country should move ahead now and innovation and technology that blockchain and crypto provides is matchless and countries who are still hesitant to accept this tech will left behind in dark ages.
February 24, 2020, 04:25:03 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 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/
Cool post good read, Rome wasnt built in one day. Still easy days. For the population of the world very few in crypto. 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/
February 24, 2020, 04:16:17 PM
I really like the fact that European Union seems to have the most progressive stance on crypto and all this revolutionary technology taking over the the traditional financial system i hope all other countries will be watching and they should also come up with pro crypto policies because crypto and blockchain tech is here to stay and cannot be stopped.
February 24, 2020, 04:03:37 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 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/
Quite an interesting take, I honestly think that they would simply add laws damaging crypto, I don't think most governments like the idea of decentralised wealth that they cannot really control on a daily basis. I think bitcoin will change the world and we will see a new wave of very rich people connected to the crypto.
Good article though and I hope that the EU will clarify more.
February 24, 2020, 07:58:27 AM
In my opinion, it was another achievement of the cryptocurrency industry, and also gives more protection to the investors. but I don't know if this new regulation can bring the cryptocurrency industry into another level. If I am correct it may require to enforce stricter compliance to all cryptocurrency users, we must all remember that one of the many reasons why cryptocurrency was patronized till today because of its anonymity and privacy features so if the regulation was strictly enforced I'm sure that all of these features become useless.
February 24, 2020, 07:52:50 AM
That's a positive way to spin the AMLD5 LOL. Banks based in EU won't need to ban crypto related transactions because they won't have difficulty getting information anymore.
Looking at it from a crypto enthusiasts who value privacy and anonymity perspective, it means giving more detailed personal information to exchanges, payment processors, gambling sites, and other services that handles cryptocurrencies.
For exchanges, it means more burden with the added reporting requirements.
Looking at it from a crypto enthusiasts who value privacy and anonymity perspective, it means giving more detailed personal information to exchanges, payment processors, gambling sites, and other services that handles cryptocurrencies.
For exchanges, it means more burden with the added reporting requirements.
Quote
The new rules require crypto exchanges and custodial service providers to register with their local regulator and demonstrate compliance with thoroughgoing know-your-customer (KYC) and anti-money laundering AML procedures.
https://www.coindesk.com/european-crypto-firms-brace-for-higher-costs-as-amld5-takes-effect February 24, 2020, 07:13:18 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/
Jump to: