Cyprus to Bring all Crypto-Currency Activity Under Money Laundering Regulations

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In order to bring Cyprus legislation in line with the provisions stipulated in the Fifth EU Anti-Money Laundering Directive; CySEC (The Cyprus Securities and Exchange Commission) have issued a number of new proposals that will better regulate crypto-currencies and virtual assets.

The new proposal beings all virtual currency and crypto-asset activities under the sphere of Cyprus’ anti-money laundering regime. CySEC says that they intend to ‘gold-plate’ the Directive (i.e. given additional powers when being transposed into the national laws of member states).