Support Our Work Mailing list About / Contact
  • Home /
  • News /
  • 2016 /
  • May /
  • EU: MEPs call for virtual currency watchdog to combat money laundering and terrorism

EU: MEPs call for virtual currency watchdog to combat money laundering and terrorism

27 May 2016

Support our work: become a Friend of Statewatch from as little as £1/€1 per month.

"The EU Commission should set up a taskforce to monitor virtual currencies, like Bitcoin, to prevent their being used to launder money or finance terrorism, said Parliament in a non-binding resolution voted on Thursday.

The proposal, set out in a resolution drafted by Jakob von Weizsäcker (S&D, DE) suggests that the taskforce, which would be overseen by the Commission, should build expertise in the underlying technology of virtual currencies. It would also be tasked with recommending any necessary legislation, but the text warns against taking a heavyhanded approach to this new technology which, it says, can offer significant opportunities for the consumer and economic development.

"To avoid stifling innovation, we favour precautionary monitoring rather than pre-emptive regulation. But IT innovations can spread very rapidly and become systemic. That's why we call on the Commission to establish a taskforce to actively monitor how the technology evolves and to make timely proposals for specific regulation if, and when, the need arises", said Mr von Weizsäcker."

See the full text: MEPs call for virtual currency watchdog to combat money laundering and terrorism (press release, pdf)

The resolution: European Parliament resolution of 26 May 2016 on virtual currencies (2016/2007(INI)) (pdf)

Our work is only possible with your support.
Become a Friend of Statewatch from as little as £1/€1 per month.

 Previous article

UK: POSTnote on "Islamic extremism, radicalisation and deradicalisation, and the policy responses to violent and non-violent extremism"

Next article 

EU: Refugee crisis: latest news from across Europe (27.5.16)

 

Spotted an error? If you've spotted a problem with this page, just click once to let us know.

Report error

Statewatch does not have a corporate view, nor does it seek to create one, the views expressed are those of the author. Statewatch is not responsible for the content of external websites and inclusion of a link does not constitute an endorsement. Registered UK charity number: 1154784. Registered UK company number: 08480724. Registered company name: The Libertarian Research & Education Trust. Registered office: MayDay Rooms, 88 Fleet Street, London EC4Y 1DH. © Statewatch ISSN 1756-851X. Personal usage as private individuals "fair dealing" is allowed. We also welcome links to material on our site. Usage by those working for organisations is allowed only if the organisation holds an appropriate licence from the relevant reprographic rights organisation (eg: Copyright Licensing Agency in the UK) with such usage being subject to the terms and conditions of that licence and to local copyright law.

About | Contact | Privacy Policy