E.U. Representatives Clarify the Proposed Anti-Money Laundering Directive
04 Aug 2016

Last month, the European Commission published a draft directive proposing to extend anti-money laundering (AML) regulation to both virtual currency exchange services and custodial wallet providers. The draft suggests that many Bitcoin companies operating within the European Union will need to apply know-your-customer (KYC) types of checks on their users, to be enforced by 2017.

Phrasing of the directive left some uncertainty over its extent, however —in particular over what are considered “wallet providers offering custodial services of credentials necessary to access virtual currencies.”

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