Cryptocurrencies Regulations In EU Are Against Tax Fraud, Not Against Cryptos, Themselves, According To Officials

The European Union wants to tighten the regulation on Bitcoin (BTC) and other cryptocurrencies. For several months now, the possibility of tightening cryptocurrencies regulations on the purchase and sale of cryptocurrencies in the EU has been raised, accused of being a real bargain for money laundering and financial crime.

Now, finally, the member countries have managed to reach an agreement. Regulations have been through the European Parliament, where it has been voted and approved by an overwhelming majority – 574 votes in favor and 13 against.

The proposal includes a whole battery of measures to combat tax fraud through cryptocurrency. It is nothing new under the sky since there are several governments that work in this direction. One of them is the Spanish government, which through the Tax Agency already put on the table the future regulation of Bitcoin (BTC) just a few months ago.

Cryptocurrencies regulations in EU are similar to South Korean ones, lately

However, beyond measures to reduce fraud, there is one that can be very controversial. The European Parliament has given the green light to the creation of a register of users of cryptocurrency websites, the well-known cryptocurrencies exchanges in which you can buy and sell virtual currency freely.

It is a measure quite similar to that implemented recently by South Korea, one of the countries in which the fever of cryptocurrencies has hit hardest. In this Asian country, all cryptocurrencies exchanges are obliged to identify their users, thus ending the legendary anonymity of cryptos.

The European Union openly talks about financial crimes in relation to the Bitcoin (BTC) since it does not bode a bright future for this currency in its territory. In fact, this is the first step for a greater cryptocurrencies regulations in the future. Bitcoin (BTC) mining has been kept safe in almost the entire world, except in China. However, the energy consumption of mining is exaggeratedly high, an environmental problem that surely will not go unnoticed for much longer.

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About the Author: Anna Galvez

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