The Finance Ministers of 28 European countries on September 7 will meet in Vienna to discuss new rules for the locally emerging cryptocurrency sector.
What’s Driving the New Crypto-Regulation in Europe?
People using cryptocurrency generally have a choice whether they want to be regulated or not. Just like a person sitting on a stash of undeclared cash can decide whether he wants to keep it in his backyard, where nobody will be able to trace it, or a bank, where he will have to prove the source of funds. In the case of cryptocurrencies, not choosing to be regulated means conducting transactions using private wallets, away from the purview of regulated exchange and wallet services.
It could be where a person could play the technology to facilitate a crime. And it seems to have been happening already. A Europol report released in February found that criminals in Europe had laundered $5.5 billion worth of undeclared cash via cryptocurrencies. Director Rob Wainwright claimed that 4 percent of all the crime money was converted to Bitcoin and similar digital assets.
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