EU to create database of Bitcoin owners

The proposal aimed to fight money laundering and financing of terrorism
19 December 2017   1004

Members of the European Parliament will consider setting up a central hub of bitcoin owners in Europe who use the online exchanges where bitcoin is bought and sold to fight money laundering and financing of terrorism.

Before this legislation you didn’t have to know who your customers are, it was fantastic for money laundering. We are normalising Bitcoin and other virtual currencies.

 

Judith Sargentini

Member of the European Parliament

The proposal was contained within updates to money laundering regulations agreed on Friday that require the online exchanges to abide by strict customer identity requirements, and to report suspicious activity to the authorities.

It is stated that the EU may set up a "central database registering users' identities and wallet addresses". The database will be considered in a 2019 review of the effectiveness of the new money laundering rules. It would be accessible to financial crime fighters such as the National Crime Agency, as well as asset recovery officers.

Recently, we have reported that Kuwait’s Ministry of Finance said that it does not recognize bitcoin and forbids its trading in the Kuwaiti financial institutions.

Karpeles to Face Another 10 Years in Jail

Japanese enforcements agencies blamed Mt. Gox CEO in stilling $3M
12 December 2018   94

Japanese prosecutors blamed the head of the already inactive exchange Mt. Gox Mark Carpeles in embezzling 341 million yen ($ 3 million) from a bank account trading platform. The prosecutors made the corresponding statement in the Tokyo District Court, demanding 10 years of imprisonment for Karpeles, reports The Mainichi.

[Mark Karpeles] diverted company funds to such uses as investing in a software development business for personal interest" and "played a great role in totally destroying the confidence of bitcoin users.
 

Japanese prosecutors

It is noted that in September-December 2013, the head of MtGox allegedly transferred funds to personal bank accounts, and then invested in the software development business.

Carpeles is also accused of faking the data of the trading system of the exchange for the fabrication of balance sheets.

The deadline for accepting applications from affected investors as part of the civil rehabilitation of Mt. Gox has been extended until the end of December.