The European elect pronounced yesterday (July 5) that it was proposing despotic new rules for companies that sell or store digital currencies such as bitcoin. The European Union’s executive arm wants to make exchanges and storage services approve with a anti-money-laundering manners that oversee banks and other financial institutions.
The mandate can be onerous. Companies contingency collect their customers’ temperament documents, and say minute records. They contingency also guard sell on their platforms and news any that run a risk of being related to money-laundering or terrorism-financing. Even determined financial institutions have found these mandate burdensome.
Not so for bitcoin companies. They’re definitely welcoming a increasing scrutiny, holding it as a pointer that a digital banking is being taken severely by government. In fact, many of a many well-funded companies had already put these regulatory measures in place voluntarily, in some cases for years. “We have expected this position from a European elect from day one,” says Frank Schuil, co-founder of Safello, a bitcoin sell in Sweden. Schuil’s association has compulsory patron temperament papers given it launched in 2013, he says.
Safello isn’t alone. Take Circle, a Venmo-like wallet use backed by Goldman Sachs that lets users modify between