Virtual currencies under EU anti-money laundering law

【Author】 Vandezande, Niels

【Source】COMPUTER LAW & SECURITY REVIEW

【影响因子】2.707

【Abstract】The goal of this paper is to analyze the extent to which virtual currencies are regulated under EU financial and economic law, with particular attention to cryptocurrencies. The focus of this paper is put on recent developments regarding anti-money laundering legislation. In the last decade, the EU has adopted several legal frameworks governing different aspects of the payments landscape, most notably regarding payment services and electronic money. However, it remains unclear how virtual currencies - and more in particular cryptocurrencies - fit under those legal frameworks. This paper will first briefly analyze whether core legislation in the fields of payment services and e-money can apply to virtual currencies. Next, and more importantly, the focus will be put on recent developments at the EU level, which aim to bring certain virtual currency service providers under the scope of anti-money laundering rules. While at the moment only such inclusion under anti-money laundering rules appears to be viable, it remains to be seen what the consequences of this evolution are for developments in virtual currencies. This paper provides an analysis of a regulatory issue currently debated by legislators worldwide. In doing so, it aims to provide insights valuable to service providers active in this nascent market. (c) 2017 Niels Vandezande. Published by Elsevier Ltd. All rights reserved.

【Keywords】Virtual currencies; EU law; E-money; Payment services; Anti-money laundering; AML

【发表时间】2017 JUN

【收录时间】2022-01-02

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