Hey Bankers, Get Ready To Cry Over Crypto Regulations!
The EU is rolling out some tough regulations when it comes to the banking sector and cryptocurrencies. No matter how much you want to ignore it, this is the new reality!
What The EU Is Placing On Banks Now:
- More emphasis on anti-money laundering rules and procedures
- Making sure banks adhere to existing regulations
- Making sure customers sign and verify KYC (Know Your Customer) documents
- Limiting crypto payments from banks to just the amount from delinquent customers
Repercussions
This could spell a serious problem for banks, as it’s estimated that around 25%-30% of their revenue is from crypto payments. To top that off, the EU wants banks to disclose much more about their customers with regards to crypto payments.
So What Does This Mean?
Well, bank officials may be in for a serious cry-fest! On one hand, they can no longer ignore the rising popularity of cryptocurrencies and on the other, they can no longer turn a blind eye to the risks they involve.
It’s All Good Though!
At the end of the day, it should help legitimize the cryptocurrency industry as a whole. It will also ensure that banks adhere to a certain set of standards set by the EU.
So while it may be a bummer to some, these regulations are here to stay and you might as well get used to it. Don’t worry, it could have been worse. We could have seen regulations about regulating regulations . Now that would have been a real doozy!
