The Czech Republic is on track to exceed the EU\u2019s directive on cryptocurrency firms, to enhance the country\u2019s Anti-Money laundering (AML) policy, local newspaper Hospod\u00e1\u0159sk\u00e9 Noviny reports today.<\/p>\n\n\n\n
Financial regulators in the Czech Republic is set to redefine the\u00a0Fifth AML Directive\u00a0(AMLD5) on cryptocurrencies as formulated by the European Union, to ensure crypto trading platforms within its environs do not indulge in fraudulent activities.<\/p>\n\n\n\n
European Countries were urged by the\u00a0EU\u00a0Commission via the\u00a0Fifth AML Directive\u00a0(AMLD5), to provide transparency requirements which focus on the use of anonymous payments through prepaid cards and virtual currency exchange platforms, to curb money laundering or terrorist financing within Europe.<\/p>\n\n\n\n
\u201cThe 5th Anti-Money laundering directive also increases the cooperation and exchange of information between\u00a0anti-money laundering\u00a0(AML) and prudential supervisors, including with the European Central Bank,\u201d <\/em>V\u011bra\u00a0Jourov\u00e1, Commissioner for Justice, Consumers and Gender Equality said.<\/p>\n\n\n\n The Czech\u2019s measure has gone a step further beyond what is stipulated\n by the European Union as enforced mid last year, which set up a legal \nframework for financial watchdogs in Europe, to regulate crypto \nexchanges and wallet providers to protect against fraudulent activities.<\/p>\n\n\n\n Cryptocurrency trading platforms in the Czech Republic are urged to \ncomply with this stern measure and register their company with the \nnational Trade License Office, or face the penalty of a fine worth \n500,000 CZK (appr. $21,698).<\/p>\n\n\n\n Although the report did not state the deadline crypto exchanges are \nexpected to comply with this directive, countries within Europe are \nrequired to abide by the AMLD5 regulation by January 20, 2020.<\/p>\n\n\n\n Additionally, the report also indicated that the new Czech Republic\u2019s\n AML measure might affect companies that are not crypto-related.<\/p>\n","protected":false},"excerpt":{"rendered":" The Czech Republic is on track to exceed the EU\u2019s directive on cryptocurrency firms, to enhance the country\u2019s Anti-Money laundering (AML) policy, local newspaper Hospod\u00e1\u0159sk\u00e9 Noviny reports today. Financial regulators in the Czech Republic is set to redefine the\u00a0Fifth AML Directive\u00a0(AMLD5) on cryptocurrencies as formulated by the European Union, to ensure crypto trading platforms within […]<\/p>\n","protected":false},"author":3,"featured_media":219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[3,4],"tags":[152],"acf":[],"yoast_head":"\n