European Union Votes for Closer Regulation of Cryptocurrencies
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With a majority vote, the European Parliament has reached an agreement to enforce closer regulation of cryptocurrencies.
A December 2017 agreement with the European Council that proposed closer regulation of cryptocurrencies to prevent their abuse in money laundering and terrorism financing has found support from EU Parliament members in a vote on Thursday, revealed.
The new legislation, which seeks to completely erode the anonymity associated with cryptocurrency, exchange platforms and custodian wallet providers, passed after 574 votes for and 13 votes against with 60 abstentions.
“Criminal behavior hasn’t changed,” MEP and co-rapporteur Krisjanis Karins from Latvia said, adding:
Criminals use anonymity to launder their illicit proceeds or finance terrorism. This legislation helps address the threats to our citizens and the financial sector by allowing greater access to the information about the people behind firms and by tightening rules regulating virtual currencies and anonymous prepaid cards.
Accordingly, crypto exchange platforms and service providers “have to be registered” and will be required to apply due diligence controls for customers while adhering to customer verification requirements.
Co-rapporteur Judith Sargentini from the Netherlands claimed “billions of euros” were being lost to “money laundering, terrorism financing, tax evasion and avoidance” that should instead be going to fund schools, hospitals and infrastructure in the European Union.
She added:
With this new legislation, we introduce tougher measures, widening the duty of financial entities to undertake customer due diligence.
The updated directive, an extension of which will cover all forms of crypto exchange service providers, will be published in the European Union’s Official Journal and go into force three days after. EU member states will then have 18 months to transpose the rules into their nations’ respective laws.
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On today’s show I interview Joachim de Koning the founder of Internet of Coins.
The goal of Internet of Coins is to create a comprehensive environment for personal finance that gives everyone access to all of the world?’?s Digital value systems. The platform is designed to connect all cryptographic ledgers and to integrate all token systems into an interconnected web through an open source financial networking agent, called hybridd.
Joachim does a great job of explaining all aspects of Internet of coins and it was a genuine pleasure speaking with him! And good news listeners, yes there is a token native to their system! It’s called HYBRID. By the end of this interview the idea of owning some HYBRID of your very own will seem to make a lot of sense.
Even as many governments, including the EU, act to regulate the exchange of cryptocurrencies, de Koning’s Internet of Coins aims to deploy a decentralized autonomous system that can support trading without any trusted third party being regulated by a government.
Joachim’s team has been laying the groundwork for this platform for more than two years and in 2015 they received financial support from the SIDN Fund which was established by the independent non-profit foundation that manages the .nl domain in The Netherlands. The .nl domain happens to be the first country code top-level domain given to an organization outside of the U.S.
Today, after substantial development, the Internet of Coins team, has announced plans to hold a fundraising campaign to help pay for additional development and to kickstart the distribution of its native token called HYBRID. The crowd sale is scheduled to begin THIS Tuesday March 21st 2017 and will be supervised by the innovation fund of the Internet pioneer, NLnet Foundation, the country?’?s first Internet Service Provider that will act as the project?’?s financial and legal advisor.
In addition to being founder of Coinstorm and Internet of Coins, Joachim is CEO of the crypto and security company Metasync. He is also a developer for the NetAidKit, an open-source USB-powered router that protects online privacy, and was showcased at CCC. Next to that he is working on a system to counter large-scale DDOS attacks for Radically Open Security. He has extensive experience in financial markets, including foreign exchange, commodity trading, and automated accounting systems, and is an early adopter of blockchain technology and cryptocurrency.
CREDITS, ARTICLES AND VALUABLE LINKS:
WEBSITE:
PRESS RELEASE 2017-03-07:
ENGLISH ARTICLES 2017-02-23: 2017-02-27: 2017-02-27: 2017-02-27: 2017-03-07: 2017-03-07: 2017-03-07: 2017-03-07:
MEDIA CONTACTS Company name: Internet of Coins Contact: info@internetofcoins.org Twitter: @internetofcoins Developer blog: Company site: Joachim de Koning: joachim@internetofcoins.org Robert de Groot: robert@internetofcoins.org Email: joachim@sheraga.net
TRANSCRIPTIONS:
Great news listeners! Our transcription page is now live on the website thanks to the continuing hard work of one of our loyal listeners who is also a consultant to the show.
Ode To Satoshi
Ode to Satoshi lyrics & melody by John Barrett Copyright 2014 RJM Publishing – BMI Nashville.
Lead Vocal, Harmony Vocals, Harmonica, Snare Drum: John Barrett Harmony vocals: John Barrett, Connie Sinclair and Lij Shaw Guitar: Jonathan Brown Mandolin: Ben Miller Bass Guitar: Michael Rinne
Initial tracks recorded by Mark Thornton of Sidekick Sound Studios, Madison, TN. All other tracks Recorded, Mixed and Mastered at The Toy Box Studio, Nashville, Tennessee Engineer: Lij Shaw. Assistant to engineer: Don “The Don” Bates Produced by John Barrett & Elijah “Lij” Shaw
Special thanks to Alan Baird for his dobro, guitar and mandolin playing on many of the shows. Now that?’?s some pickin man! Thanks also to Alex Munoz Guijarro for his excellent pedal steel playing on many of our shows.
Interviews for this episode were recorded and edited by John Barrett at The Tree House Studio – Nashville, Tennessee. All shows are produced by John Barrett with the moral support of his trusty sidekick Maxwell Rascalnikov CoyoTe Rex, aka Max.
And if you don’t feel like contacting me, just kick back, relax and enjoy the show.I hope you enjoy listening to my guests as much as I enjoy talking with them!
![Pizzacoi - suffer & die [live audio]](https://ohiobitcoin.com/storage/2018/07/gSwbFW.jpg "Pizzacoi - suffer & die [live audio]")