{"id":5673,"date":"2018-08-30T09:29:07","date_gmt":"2018-08-30T06:29:07","guid":{"rendered":"https:\/\/forklog.media\/?p=5673"},"modified":"2018-08-30T09:37:16","modified_gmt":"2018-08-30T06:37:16","slug":"lack-of-transparency-among-reasons-for-possible-tightening-of-cryptocurrency-regulations-in-eu","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/lack-of-transparency-among-reasons-for-possible-tightening-of-cryptocurrency-regulations-in-eu\/","title":{"rendered":"Lack of Transparency Among Reasons for Possible Tightening of Cryptocurrency Regulations in EU"},"content":{"rendered":"<p>Finance ministers from the European Union\u2019s 28 member states will hold an informal meeting on the challenges posed by Bitcoin and other cryptocurrencies and the possibility of tightening regulations, Bloomberg <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-08-29\/crypto-traders-face-renewed-scrutiny-from-european-ministers?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;utm_content=crypto\" target=\"_blank\" rel=\"nofollow noopener\">reported<\/a> August 29.<!--more--><\/p>\n<p>According to a draft note seen by Bloomberg, a general lack of transparency and the potential for cryptocurrencies to be used for tax evasion, terrorist financing and money laundering will be discussed in Vienna, Austria, on September 7.<\/p>\n<p>European regulators are also keen on harnessing the new technologies unleashed by digital currencies, according to the undated document. Initial Coin Offerings (ICOs) \u201chave established an effective and efficient way to raise capital,\u201d the document stated, adding that ICOs could help integrate capital markets in the E.U.<\/p>\n<p>In February 2018, the European Securities and Markets Authority (ESMA) <a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/library\/esma50-164-1284_joint_esas_warning_on_virtual_currenciesl.pdf\" target=\"_blank\" rel=\"nofollow noopener\">has warned<\/a> customers about ICOs, citing a lack of investor understanding and problems with unregulated financial activities. The ESMA also noted that unregulated exchanges are unprotected due to their existence outside of global financial regulations, which means that customer losses from an event like a cyberattack would not be covered by E.U. law.<\/p>\n<p>The E.U. <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/?uri=CELEX%3A32018L0843\" target=\"_blank\" rel=\"nofollow noopener\">Fifth Anti-Money Laundering Directive<\/a> came into earlier this summer setting a new legal framework for European financial watchdogs to regulate digital currencies. The new rules enact stricter transparency requirements directed at the use of \u201canonymous payments through prepaid cards\u201d and \u201cvirtual currency exchange platforms\u201d for the purposes of money laundering or terrorist financing.<\/p>\n<p>Follow ForkLog on <span style=\"text-decoration: underline;\"><a href=\" https:\/\/twitter.com\/forklog_en\/\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a><\/span> and <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.facebook.com\/forklogen\/\" target=\"_blank\" rel=\"nofollow noopener\"> Facebook<\/a><\/span>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance ministers from the European Union\u2019s 28 member states will hold an informal meeting on the challenges posed by Bitcoin and other cryptocurrencies and the possibility of tightening regulations, Bloomberg reported August 29.<\/p>\n","protected":false},"author":1,"featured_media":5674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[142,36],"class_list":["post-5673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-european-union","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"213","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=5673"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5673\/revisions"}],"predecessor-version":[{"id":5675,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5673\/revisions\/5675"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/5674"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=5673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=5673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=5673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}