Quote from: yandabanda34 on February 24, 2020, 12:13:18 PM

The Fifth Anti-Money Laundering Directive (AMLD5) will soon go into effect and it will inadvertently boost the cryptocurrency industry in the EU. Under the new directive, cryptocurrency-related companies will be treated like any other business.

The blockchain sector has always seen regulation as the greatest roadblock. However, the latest installment of anti-money laundering laws in the European Union could change things.

The Fifth Anti-Money Laundering Directive (AMLD5) was officially signed into law in July 2018 and came into force on Jan 10 of this year. It groups all virtual assets and their providers as obliged entities. According to Forbes writer Pawel Kuskowski, this places the cryptocurrency sector in the same legal category as banks, payment processors, gaming, and gambling-related services. In effect, this means that cryptocurrency-related businesses will be treated like any other.

However, the AMLD5 goes further in boosting protections for the cryptocurrency industry. Banks now have to provide valid, individual justification to refuse services to a particular customer. It cannot simply ban services with cryptocurrency-related payment processors or companies. This will mean that millions more will finally be able to purchase virtual assets without bank meddling.

What do you think about this? Also if you want to read the full article where i found the information, you can click on the link below.

https://beincrypto.com/new-eu-law-will-make-it-impossible-for-banks-to-ban-cryptocurrency-related-transactions/

Very interesting take on the law, but remember they have been so anti crypto that don't expect this to be easy.

I also really like the news outlet the article is written by, I highly recommend their trading telegram channel as it gives free trading advice and it's a nice little community. If anyone is interested, the link to the channel is below.

https://t.me/BeInCryptoCommunity

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