SWIFT Institute: Bitcoin regulation in the EU is years away

Regulation | November 27, 2015 By:

According to a new report by the SWIFT Institute the European Union (EU) is years away from implementing a consistent framework for cryptocurrency regulation.

SWIFT notes the lack of convincing arguments to include virtual currencies under the EU’s current legal frameworks, set by the revised Directive on Payment Services (PSD2) and the fourth European anti-money laundering directive (AMLD4).

EU adopted the PSD2 in October this year which consists of a new set of consumer payment protection rules, which seek to promote the development and use of innovative online and mobile payments.

SWIFT Institute is transaction banking, covering payments, clearing & settlement, cash management, trade finance and trust & securities.