Published On: Wed, May 16th, 2018

Bitcoin Legitimized in EU Following New KYC Regulations

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Bitcoin is set to find new legitimacy in the European Union as member states agreed to force cryptocurrency exchanges within its jurisdiction to collect identification data on their users in an effort to prevent money laundering. 
Legitimizing Bitcoin and Cryptocurrency in the EU
Both cryptocurrency exchanges and online wallets operating in the European Union’s jurisdiction are now required to carry out the exact same know-your-customer (KYC) checks as traditional banks.
The regulatory move comes as the European Union continues its widespread attack — which also sees changes and regulation affecting areas of finance and traditional banking — on money laundering and terrorist financing.

As noted by Reuters, the increased transparency in regards to cryptocurrency trading and storage will almost certainly detract from major cryptocurrencies being used for illicit means, as KYC regulations will make it significantly easier for law enforcement to catch money launderers and terrorist financiers. As an added benefit, it should also make hackers’ lives more difficult should they target said exchanges and wallets.
Of course, nothing is stopping European citizens from using cryptocurrency exchanges outside the reach of EU authority. Nevertheless, the world’s major cryptocurrency markets are moving …

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