New EU Directive May Impose Anti-Money Laundering Regulations on Bitcoin Wallet Providers
14 Jul 2016

The European Commission published a new directive draft last week proposing to extend strict anti-money laundering (AML) regulation to both virtual currency exchange services and custodial wallet providers. Intended to counter “money launderers, tax evaders, terrorists, fraudsters and other criminals,” the directive could mean that many Bitcoin companies in the E.U. will have to apply know your customer (KYC) types of checks on their users.

The proposal, which particularly focuses on terrorist financing, intends to restrict the anonymous use of virtual currencies, presumably referring to bitcoin and altcoins.

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