RATE Group | New EU Law To Give Banks ZERO Power Over Cryptocurrency-Related Activities
80723
post-template-default,single,single-post,postid-80723,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

New EU Law To Give Banks ZERO Power Over Cryptocurrency-Related Activities

25 Feb New EU Law To Give Banks ZERO Power Over Cryptocurrency-Related Activities

Posted at 00:57h in Cryptocurrency News by

[ad_1]

The European Union’s (EU) Fifth Anti-Money Laundering Directive (AMLD5) will come into effect soon. This new EU law will give banks zero power over cryptocurrency-related activities. In addition, cryptocurrency-related businesses in Europe will gain more access to financial services just like every other legitimate business.

New EU Law To Give Banks ZERO Power Over Cryptocurrency-Related Activities; Companies to Gain More Access to Financial Services

Based on the report, cryptocurrency companies in Europe will now be able to access financial services just like any other legitimate business. This is because the Fifth Anti-Money Laundering Directive (AMLD5) was signed into law on July 9, 2018. And the AMLD5 came into force on January 10, 2020.

What’s more, the AMLD5 categorizes virtual assets and their providers as ‘obliged entities’. As a consequence, companies in the Blockchain sector also fall under the same legal category as banks, payment processors, gaming, and…

[ad_2]

Source link

Tags:
, , , , , ,