EU and Taiwan to Regulate, Market Rallies into the Weekend


By Samuel Mowers at Investorideas.com

EU and Taiwan to Regulate, Market Rallies into the Weekend

The European Parliament voted yesterday to regulate the cryptocurrency market according to a recent statement. The decision was made in an attempt to prevent cryptos from being used in money laundering and the financing of terrorist activities. Part of the policy's aim is to reduce anonymity associated with cryptocurrency practices:

"The new measures also address risks linked to prepaid cards and virtual currencies. In a bid to end the anonymity associated with virtual currencies, virtual currency exchange platforms and custodian wallet providers will, like banks, have to apply customer due diligence controls, including customer verification requirements."

In similar news, Taiwan is aiming to implement cryptocurrency regulation by November, according to a story in Taiwan Central News Agency. Roughly translated, the story indicates that much like the EU vote, Taiwanese regulation is largely motivated by anti-money laundering (AML) concerns:

"the chairman of the Financial Supervision and Management Commission, Gu Lixiong and Qiu Taisan, stated that the control of bitcoin and other virtual currencies is mainly focused on the prevention of money laundering and the avoidance of virtual currency as a tool for money laundering."

Taiwan's Financial Supervisory Commission (FSC) "has asked banks to list the account of the Bitcoin sales platform in banks as a "high-risk account.""

Going into the weekend the crypto market has seen additional gains from yesterday with a total market cap of around $372 billion USD at press time. It is possible that previous speculation about a rally after U.S. tax day (April 17) was correct as all but one of the top 20 cryptoassets have seen gains in the last 24 hours. Bitcoin Cash (BCH), EOS and Ripple (XRP) in particular have seen double-digit gains leaving Bitcoin (BTC) with just 38 percent market dominance.

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