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Finance Business Service

Concept of Cryptocurrency Has Been Introduced in the Legislation of the European Union

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Over the past few years, the development of Bitcoin has been increased, which is actively discussed by the governments of different countries. In this regard, the European Union raised some concerns about funding of terrorism, money laundering and tax evasion, which might be related to cryptocurrencies. This is the reason why the European legislator has introduced the concept of cryptocurrency into the Fourth Anti-Money Laundering Directive, where Bitcoin is defined as a “monetary instrument”.
As the European Commissioner for Economic and Financial Affairs Pierre Moscovici notes, to date Bitcoin is not considered as an alternative currency along with dollar or euro due to volatility and much speculation.
It is noteworthy that the differences between the definitions of Bitcoins in the EU Directive and in the US legislation are not significant.
Details of the political discussions regarding the cryptocurrency in the European Parliament and the further legislative prospects for electronic money are still unknown.

Дмитрий Батраков
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Lawyer
Finance Business Service