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.”
Advance your CPD minutes for this content, by signing up and using the CPD WalletFREE CPD Wallet