• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?

More Regulations Coming to Bitcoin Exchanges Against ‘Economic Crimes’

Evander Smart by Evander Smart
6 years ago
in Bitcoin Regulation, Bitcoin, Bitcoin Exchange, News, News teaser
0

Europol, Interpol and the Basel Institute on Governance have revealed three focus areas for their planned regulations on cryptocurrency exchanges.


Regulations are Definitely Coming

A sure sign that Bitcoin has become more mainstream and accepted than ever is the increase in regulations. Nations are looking for tax revenue from Bitcoin users, and government law enforcement agencies are treating Bitcoin just as they would any other publicly traded currency.

Recently, Europol, Interpol and the Basel Institute on Governance have announced that they are going to be much more active with their oversight and regulation inside of the Bitcoin exchange community in 2017 and beyond.

regulations

It might help, first, to explain what these organizations are. Europol is the CIA of the European Union (EU), gaining information access to anything and everything that may affect the EU. Interpol is an international network designed to link national law enforcement agencies together when crime spreads across borders. The Basel Institute is a not-for-profit independent agency that seeks to fight financial crime.

These organizations spent three days together last week at the “Global Conference on Money Laundering and Digital Currencies,” a curious name for a conference, which was held in Qatar. At the meeting, these organizations decided there were three objectives that they need to focus on, related to Bitcoin transactions going forward.

3 Focus Areas

The first is an increase information sharing in the field of money laundering and cryptocurrencies, with particular emphasis on the exchange of suspicious Bitcoin addresses that threaten economic stability.

Next, a desire to regulate cryptocurrency exchanges and wallet providers under current anti-money laundering and counter-terrorism financing legislation in line with obligations already pending with the financial sector.

money laundering, euro

Finally, to take action against cryptocurrency mixers/tumblers, designed to anonymize transactions, which burdens the work of law enforcement agencies to detect and track suspicious transactions.

Cryptocurrency Use ‘Expected to Increase Exponentially’

“Digital currencies are now undoubtedly part of the payment system,” said Simon Riondet, the Head of Financial Intelligence at Europol. “Their use is expected to increase exponentially in the coming years. And understandably so, since they improve payment efficiency, reduce transaction and fund transfer costs, while facilitating international remittances.

But the other side of this narrative is that they are also a powerful new tool for criminals and terrorist financiers to convert, remit and conceal illicit funds from law enforcement authorities.

simon-europol

How this may effect you may relate to your exact location in the world. Their business model generally revolves the times and crimes in and around Eurasia, as the West has more than enough regulators and law enforcement.

With the increase in scrutiny not just by the European Commission, but also individual nations, it’s now clear that regulations are coming to Bitcoin in the near future. These plans are most likely going to become focused on Europe, initially. Additionally, cryptocurrency use is also growing in southern Asia, so expect to notice their presence more in that area of the world, as well.

What kind of impact will regulations have on cryptocurrencies? Share your thoughts below!


Images courtesy of europol.europa.eu, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Evander Smart

Evander Smart

Related Posts

Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

4 days ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

5 days ago
Bitcoin

Bitcoin Taker Buy Sell Ratio At Highest Since Feb, What Does It Mean?

5 days ago
Bitcoin

Bitcoin Shrimps Continue Aggressive Accumulation As Holdings Hit ATH

5 days ago
Bitcoin Bull

Bitcoin Bullish Signal: Exchange Netflow Registers Negative Spike

1 week ago
Bitcoin

Bitcoin “Buy The Dip” Mentality Disappears, Is Now Actually The Time To Buy?

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    2 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    2 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    2 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • As Polygon (MATIC) volumes soar, top analysts forecast...

    4 hours ago
  • Strategic Crypto Investments: 5 Coins to Watch in 2023

    7 hours ago
  • XRP Consultant and AI Crypto Analyst States ‘Best...

    11 hours ago
  • 6 Figures Crypto Portfolio Builder: Cosmos (ATOM)...

    12 hours ago
  • Floki Inu Trading Volume Jumps 300% in 24 Hours—Enough to...

    13 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.