European Council to propose rules for digital currency businesses

Regulation | February 15, 2016 By:

The European Council has announced that it will propose rules for digital currency exchanges and wallet providers operating in the region by June.

“By June at the latest we will propose measures to…have better control of payment forms such as virtual currencies and anonymous pre-paid cards,” said European Council vice commissioner Valdis Dombrovskis.

He also said the Commission is preparing to monitor and potentially prohibit transactions from “high-risk countries” that enter the EU, and that it will come up with an ‘EU blacklist’ of such countries in June.

The European Council is a body within the European Union composed of heads of state as well as the president of the confederation’s executive branch.