EU AML Directive to Include Virtual Currency Exchange Platforms & Custodian Wallet Providers
In an attempt to avoid money laundering from the regulators through the use of virtual currencies, they are planning to amend the current AML directive to include virtual currency exchange platforms and custodian wallet providers under the regulation. This will further increase transparency of the users and force services providers to run due diligence processes on their users.
Nevertheless, the regulations can standardise only service providers and not the virtual currency itself as the domain is decentralised among all the users around the world. This will affect the value of virtual currencies for speculators however will unlikely affect the use of virtual currencies by the actual user community that trade with virtual currencies online.
Otherwise stated, regulators can only control service providers in their jurisdictions; however are unable to regulate the conditions of virtual currencies worldwide within the user community.
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