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Europe To Enforce Stricter Regulations On Cryptocurrency Sector

Jake Hill
Jake Hill

Most of the countries are focusing on stricter regulations in the cryptocurrency area. As we have seen several recent news related to cryptocurrency regulation. Recently The European Parliament declared to enforce stricter regulations on cryptocurrency sector. They also said that Cryptocurrency exchanges and wallets must include customer identity verification.

As a result, cryptocurrency exchange or wallets must register to include this service on their platform. This identity verification will reduce the illegal activities and money laundering cases taking place now.

European officials state that they are introducing this measure to prevent the terrorist attacks. Also, Criminals use anonymity to launder their illegal money. In order to address these threats, they are introducing these rules on cryptocurrencies.

European Parliament voted for Strict Regulation

On Thursday, the Members of the European Parliament supported the agreement with the European Council in December to have cryptocurrencies under “Closer Regulation”. This decision was passed with 574 votes, 13 no, and 60 abstentions, the parliament’s press service announced.

This amendment is to stop “risks linked to cryptocurrency” but it will also end anonymity of the users. The cryptocurrency exchanges and wallet providers now need to carry the identity verification procedures.

Cryptocurrency taxation in Europe

European Union is still not come to one decision on the cryptocurrency taxation. As Some European counties have applied taxes according to their tax codes on cryptocurrency incomes and profits. And in some counties in Europe like Germany Bitcoin transactions are inexpensive.

 

Let us know what you think about this news in the comment section.

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Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com