Virtual bank account UK

Will the UK and Europe Begin to Regulate Bitcoins and Other Virtual, Digital and Crypto-Currencies in 2015? June 7, 2020

On 13 December 2013, the European Banking Authority warned the public about the risks of buying, holding and trading virtual currencies: “consumers are not protected through regulation when using virtual currencies … and may be at risk of losing their money”. The EBA added that, “the ‘digital wallets’ containing consumers’ virtual currency … are not impervious to hackers. Cases have been reported of consumers losing significant amounts of virtual currency, with little prospect of having it returned. Also, when using virtual currency for commercial transactions, consumers are not protected by any refund rights under EU law”.

Identified 70 virtual currency related risks;

Argued that, in the near-term:

The European legislature should consider imposing Anti-Money Laundering rules on virtual currency exchanges; and

European regulators should encourage banks, payment service providers and e-money issuers not to buy, hold or sell virtual currencies; and

Invited the European legislature to develop a comprehensive set of European regulations to mitigate the risks associated with virtual currencies over the medium and longer term.

Source: fsregulation-risk.com

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Virtual bank account UK

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