The Czech Republic plans to strict Bitcoin regulatory

Since the decision of the fifth EU Directive to combat money laundering, the member States have 18 months, of the provisions from Brussels to implement them. The Czech crypto-sector innovations are now, but also in this country could change a lot.

By Anton Livshits
8. August 2019BTC$11.882,00 0.15%part Facebook Twitter LinkedIn xing mail

The Czech Republic will introduce is expected to particularly strict regulations for the crypto sector. The new rules come in the Wake of the national Transmission of the fifth EU Directive to combat money laundering. According to a report by the newspaper Hospodářské Noviny are collected in the Czech Republic, however, in the future, claims of crypto-companies, which are not provided for by the European Union in this Form.

highlights, such As Hospodářské Noviny, the plan, the Czech authorities, hefty fines of up to half a Million euros for those crypto-companies that have not registered with a national trade licensing office. The authors of the report continue to emphasise that the bill will make amendments to a wider circle of companies than the EU requires. They fear that the proposed regulations might endanger the competitiveness of the domestic crypto sector. A date for the introduction of the change in the law, they did not call. All EU States must 20 the regulations, however, up to the. January, 2020.

Not only in the Czech Republic: New rules against money laundering

the Said EU Directive to combat money-laundering was already on 9. Of July 2018 has been decided. Crypto currencies are taken into account in the fifth Version of the regulatory recommendation for the first time explicitly. The Directive therefore calls for a stricter control of crypto-exchanges and Wallet providers. It also requires stricter transparency requirements for anonymous payments. Authorities to receive more instruments, the identities of the number to determine ends. In addition to Bitcoin exchanges this applies especially to the users of Prepaid cards. The member States had 18 months time, the regulations to implement. A compliance is the same for all EU countries is mandatory.

Tougher Bitcoin regulations in Germany

Consequently, it is expected in Germany from next year, with stricter rules. A corresponding draft law by the government, that all the crypto-company, will be subordinated to the control by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). Similar as in the Czech Republic; Wallet providers will be affected by the Monitoring. Also Bitcoin be placed in the machine in the future, the power of the BaFin under. If the proposed law comes into force, the authority, therefore, is whether the machines are allowed or not.

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