EP’s Committee on Economic and Monetary Affairs (ECON) has published a draft report on virtual currencies. The motion identifies the benefits of virtual currencies and distributed ledger technology (DLT) as including lowering transaction costs for payments and transfer of funds, reducing cost of access to finance even without a traditional bank account and enhancing the speed and resilience of payment systems. It also welcomes the Commission’s suggestions to include virtual currency exchange platforms in the Fourth Money Laundering Directive (MLD4). The motion acknowledges that both the opportunities and the risks of virtual currencies and DLT, such as the abuse of certain applications for criminal conduct, will only more fully emerge as their use becomes more widespread. It suggests that a smart regulatory regime based on analytical excellence and proportionality is most suited for addressing such risks before they become systemic. Therefore Rapporteur Jakob von Weizsäcker calls for the creation of a horizontal Task Force on DLT to be set up under the Commission’s leadership. (Source: ECON reports on virtual currencies)