Category: Bitcoin

Illinois asks for feedback on new virtual currency guidance – deadline fast approaching

Illinois’ Department of Financial & Professional Regulation (IDFPR) recently published proposed regulatory guidance on the application of Illinois’ Transmitters of Money Act to decentralized digital currencies. The guidance, which will explain how IDFPR will interpret and enforce the law, rather than being law in and of itself. This will be an […]

5th Anti-money Laundering Directive: 2nd Presidency Compromise Text published

The Council of the European Union has published the 2nd Presidency Compromise Text version of the 5th Anti-money Laundering Directive. The text has been marked up to show how the 1st Compromise Text has been change to create the 2nd. The differences include:

5th Anti-money Laundering Directive: Presidency compromise text published / ECB recommendations accepted

The Council of the European Union has published the first “Presidency compromise text” version of (what is now being referred to as) the 5th Anti-money Laundering Directive (5AMLD) (it used to be “an amendment to 4AMLD” instead). The Presidency compromise text includes a series of amendments that seem to have been […]

Virtual currencies & the 4th Anti-money Laundering Directive: ECB Opinion on the Commission’s proposals

The European Commission published proposals to amend the 4th Anti-money Laundering Directive, to bring crypto-currency exchanges and wallet providers within scope, in early July 2016.  The European Banking Authority criticized those proposals in August, and the UK Treasury’s response of September suggests that it was also unimpressed. But the European […]

UK Treasury consults on implementation of 4th Anti-money Laundering Directive

The UK’s Treasury has published a “Consultation on the transposition of the Fourth Money Laundering Directive“. The Consultation also describes HM Treasury’s proposed approach to the implementation of articles 17 et al of the European Information Accompanying Transfer of Funds Regulation. The Consultation mentions, but doesn’t ask any questions about, the European Commission’s proposals to […]

UK Treasury responds to Commission proposal to amend the 4th Anti-money Laundering Directive

The UK’s Treasury has published a short paper about the European Commission’s proposal to amend the 4th Anti-money Laundering Directive. Here are the headlines:

Virtual currencies & the 4th Anti-money Laundering Directive: EBA criticizes Commission’s proposals

The European Banking Authority has published an Opinion, which criticizes the Commission’s approach to virtual currencies (VCs) and its proposed amendments to the 4th Anti-money Laundering Directive (4AMLD). In its 2014 “Opinion on virtual currencies“, the EBA described some of the many benefits and risks associated with VCs. It also argued (for example) that (a) regulated financial institutions should be discouraged from buying, holding and selling […]