On many occasions we have predicted that cryptocurrencies will soon become subject to Anti Money Laundering and Countering Financing of Terrorism (AML/CFT) regulations.
This became clear in July 2016 when the European Commission announced that it will impose new regulations and presented its proposed changes. (Coming soon: A legal definition of virtual currencies).
In our 2014 Virtual currency report we analysed the anticipated impact of the potential regulations on the cryptocurrency market and discussed the subject again in 2015’s Bitcoin and money-laundering regulations article. We have also brought attention to the subject during industry conferences and meetups.
Currently, legislative work on these regulations is nearing the end, both at the EU-level and in Poland. Below, we take a look at what the nearly-ready rules will contain and their practical impact.
Continue reading “New regulations covering cryptocurrencies and blockchain technologies”