Valdis Dombrovskis of EC Speaks at a Roundtable on Cryptocurrencies
The EC Vice President Valdis Dombrovskis spoke about cryptocurrencies and the related money laundering risks during a roundtable discussion in Brussels. He stated that the aim of the roundtable was first and foremost to feed into the upcoming action plan on fintech and the position of the EU for a possible discussion at the G20 level.
Mr. Dombrovskis highlighted that the roundtable focused on three main topics: the implications of cryptocurrencies for financial markets, the risks and the opportunities associated with the use of cryptocurrencies, and the recent development of initial coin offerings. He then outlined the conclusions reached at the roundtable, also highlighting that crypto-assets present risks related to money laundering and financing of illicit activities. This is why EC proposed that virtual currency exchanges and wallet providers should be subject to the Anti-Money Laundering Directive. The co-legislators reached an agreement in December and EC invites member states to prepare for a speedy transposition of this legislation. He added that EC will continue to monitor these markets and other stakeholders, at the EU and international levels, including in the G20. "We stand ready to take action based on an assessment of risks and opportunities.”
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Keywords: Europe, EU, Banking, Securities, Fintech, Anti-Money Laundering Directive, Initial Coin Offerings, Cryptocurrencies, EC
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