According to a research conducted by the SWIFT Institute, there is a lack of convincing arguments to include virtual currencies under the EUs current legal frameworks, set by the revised Directive on Payment Services (PSD2) and the fourth European anti-money laundering directive (AMLD4).
The PSD2, adopted in the EU in October 2015, consists of a new set of consumer payment protection rules, which seek to promote the development and use of innovative online and mobile payments.
The report looks at the way in which virtual currency regulation has been approached by stakeholders in the US. Although these attempts first started at the federal level, the report notes, they are now finding their way to the state-level in New York – which introduced the BitLicense – and California.
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