ECON has voted to adopt a draft report on virtual currencies, which it published in February 2016. The report includes a motion for a Parliament resolution on virtual currencies, which, among other things, calls for the creation of a taskforce under the leadership of the European Commission. ECON proposes that the task force would: (i) build up the necessary expertise in the underlying technology of virtual currencies; and (ii) be tasked with proposing recommendations for any necessary legislation to regulate the sector. The Commission is currently considering proposals to regulate virtual currency exchange platforms in the context of the Fourth Money Laundering Directive, in particular requiring virtual currency exchange platforms to undertake due diligence when customers exchange virtual for real currencies with the aim of ending the anonymity that is associated with them.
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ECON adopts draft report on virtual currencies
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