Crypto News

Germany Joins Europe in Global Bitcoin Regulation

Germany has joined a European push to regulate bitcoin amid concerns it is being used by money launderers, drug dealers and terrorists. According to Bloomberg, the German Finance Ministry welcomed the proposal by French Finance Minister Bruno Le Maire to ask the Group of 20 countries to review common regulations on bitcoin. The Italian government also expressed concern and agreed to the adjustment, while the European Union supported the bitcoin rules that the UK wanted.

Germany predicts speculative risks

The German Finance Ministry said it was reasonable to consider the risks of speculating on virtual currencies and their effects on the international financial system. The ministry also said the next meeting of G20 finance ministers and central bank governors would be a good time to discuss the issue.

Concerns are Growing About Bitcoin Futures

Concerns have been growing in Europe over the outcome of bitcoin futures trading launched by CME Group last week, a week after Cboe Global Markets launched similar derivatives. Germany is Europe’s largest economy, with the Finance Ministry closely monitoring developments in the financial markets, including current developments. In a weekend interview on France’s LCI TV, Mr. Le Maire raised concerns among the public by claiming that bitcoin had entered the mainstream financial markets. He said he did not like bitcoin because it could be used to hide terrorism and money laundering. He also worried that it was a risky investment for people trying to save money. Pier Carlo Padoan, Italy's finance minister, said he would discuss Mr. Le Maire's proposal, citing an unnamed government official.

Lawmakers strengthen anti-money laundering regulations

EU lawmakers and representatives agreed Friday on the need to amend the European Union’s anti-money laundering rules, expanding the framework to include virtual currency custodians and transfer companies, the European Commission said. Companies will have to identify their customers and report on shady activities. Stephen Barclay, the UK Treasury’s economic secretary, told lawmakers in November that new laws would apply to cryptocurrency exchanges and wallets to combat money laundering and terrorism financing. The UK government has said that cryptocurrencies could facilitate the growth of cybercrime. The Treasury said there was little evidence that cryptocurrencies were being used for money laundering, but that it was likely to happen in the future. Therefore, the proposed regulations would be helpful.

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