EU Member States Harder on Crypto Assets

August 17, 2019 | Digital Assets, News

Do cryptocurrencies present a more significant risk to individual EU states than to Brussels?

EU cryptocurrency regulations are complex.  Many European countries have implemented crypto regulations that are stricter than the EU’s Fifth Anti-Money Laundering Directive, which came into force in July 2018.

In Germany, digital asset exchanges and providers of crypto payment and custodian services will need to apply for licenses from the Federal Financial Supervisory Authority by end-2019. These new German anti-money laundering regulations will become effective next year.

In the Czech Republic, cryptocurrency firms would be subject to a fine of up to CZK0.5m (or roughly €19,000) if they do not register themselves with the national Trade Licensing Office.

Providers of crypto custodian services in France have mandatorily to register with the country’s Financial Markets Authority. Other service providers, including brokers, dealers, and exchanges, are subject to optional licensing.

EU Cryptocurrency Regulations Vary By Country

The United Kingdom’s anti-money laundering/CTF rules are likely to be more extensive compared to the EU Directive.

The same goes for Cyprus. Authorities there propose to expand on additional areas crypto activity than ones required by Brussels.

The EU’s 5th Anti-Money Laundering Directive received the assent of the Parliament of the European Union in April 2018. It aligned the EU’s legal position substantially with the measures introduced in the United States half a decade ago.

EU member states received 18 months to “transpose” the EU directive into their respective legislations.

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