Comprehensive and Stream-lined Cryptocurrency Regulation to be Implemented by the EU by 2024
By Max Steadman – Cryptocurrency Speculator
The European Union (EU) plans to enact rigorous regulation on cryptocurrencies by 2024, two studies have recently unveiled. This follows five European finance ministers calling on the European Commission to create"very comprehensive and straightforward guidelines" on cryptocurrency trading.
EU Crypto Regulation
By 2024, the European Union plans to integrate cryptographic and blockchain technology into its key processes. According to two Reuters documents published on Friday, the EU aims to develop new rules over the next four years to streamline cross-border payments for those looking to buy and sell cryptocurrency. This will expedite the use of blockchain and digital currencies for international money transactions. The documents detailed:
“By 2024, the EU should put in place a comprehensive framework enabling the uptake of distributed ledger technology (DLT) and crypto-assets in the financial sector,” the documents said, according to the report. “It should also address the risks associated with these technologies."
According to a study by Reuters, this approach by the EU forms part of a broader initiative to promote a move towards digital banking, especially at a period when the pandemic is encouraging more people to buy cryptocurrencies likeBitcoin and become cash-free as a preferred option for transactions. The document also indicated that the EU Commission — the Executive branch of the European Union — will publish a law outlining how the current regulatory system will be enforced and more information on the implementation of new rules.
In addition to the new cryptocurrency plan, Valdis Dombrovskis, Executive Vice-President of
Economy and Finance of the European Commission, said that the Commission should also amend “the prudential rules for crypto-assets held by financial firms, which could force banks with these digital assets to hold more capital as a cushion, given the volatility and risks associated with these assets,”. The European Commission will issue the Digital Finance Plan along with its updated blockchain guidelines this month, according to Euractiv, a pan-European publication specialized in EU policies.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards