Bharat Bhise Observes Stricter EU Measures on Cryptos

Digital currency observer Bharat Bhise says that while some markets are opening up trading in cryptocurrencies, most remain guarded to digital money. Some countries are even putting up stricter measures on cryptos. Recent developments place most members of the European Union in the latter category.

According to new developments, most of the stricter measures are because of the obligations of the members to the EU. The European Union has imposed on its member-states a statute of the Fifth Anti-Money Laundering Directive (AMLD5), requiring the members to pass national rules and regulations that implement additional control for companies engaged in the cryptocurrency industry.

Leading these new changes is the flagship member, Germany. According to Bharat Bhise and other observers, the new rules put up by the country have seriously crippled the blockchain payments industry. For example, the new measures have blocked payment processor Bitpay. The company updated its website to reflect countries where it can legally transact, and Germany has been taken down from the list.

Meanwhile, France and Finland have also enacted laws which further tighten regulations on digital currency transactions. In Paris, a new law now requires companies and traders who are into cryptocurrency to register with the French Financial Markets Authority (AMF). On the other hand, Finland has established the Financial Supervisory Authority (FSA) to oversee registration and supervision for all crypto-related transactions, especially companies that issue, sell, and exchange digital coins.

Observers agree that these measures add to the already-volatile outlook for cryptocurrency since there is always an upward-downward trend in the industry. For example, while the EU measures put tighter controls on digital currency, other markets like New Zealand are opening up their industries to cryptos, especially popular, upward-trend currencies like Bitcoin.

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