Regulators in the European Union are reportedly struggling to decide how best to regulate Facebook Libra and the wider sector.
Kyberswap claims the new regulations would increase costs, but stricter AML regulations might mean their entire operation is at risk.
The European Securities and Markets Authority has announced plans for a new legal framework governing the cryptocurrency sector.
The 5MLD will require Simplecoin to implement and adhere to several anti-money laundering and know-your-customer policies.
The U.K.-based company, Bottle Pay announced that it will shut down due to conflicts on the new anti-money-laundering guidelines coming to the European Union.
The European Investment Fund has teamed up with the European Commission to establish a dedicated investment scheme worth €100 million.
The 5MLD are an expansion of current AML/CTF regulations into the cryptocurrency space, and were designed to protect against potential abuses of the technology by criminal actors.
The Libra will never launch, if Europe has its way. But German banks want some kind of state alternative.
To mark the launch, the cryptocurrency exchange has eliminated all fees on qualifying transactions for the first six months for users in the European Union.
With specific reference to Facebook Libra, commissioner Valdis Dombrovskis said the EU would require “a common approach” to regulating stablecoins and cryptocurrencies.
Facebook Libra’s prospects in the European Union were dealt another blow today with the unveiling of Germany’s new comprehensive blockchain strategy.