500 000 EUR fine for unregulated crypto firms in the Czech Republic

Discussion in 'Bitcoin and other Cryptocurrencies' started by mlawson71, Sep 7, 2019.

  1. ml

    mlawson71 Member

    Mar 31, 2019
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    The Czech authorities will fine unregulated crypto companies with up to half a million euro, according to a new set of rules, that will be adopted in accordance with the EU’s Fifth Anti Money Laundering Directive.

    The new rules will come into force by January 2020 and are actually harsher than the requirements proposed in the EU directive.

    According to the Fifth AML Directive (AMLD5) every member state should monitor and restrict any money laundering and other illegal activities that involve digital currencies. The EU rules were adopted back in 2018 leaving national regulators until the beginning of 2020 to implement them into their national legislation.

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