Cryptocurrency stakeholders in the Czech Republic to face stricter rules

The Czech Republic is doubling down on new rules around cryptocurrencies as part of its anti-money laundering efforts.

The new rules will see cryptocurrency exchanges face minimum fines starting at €500,000 if they fail to register with the right authorities, according to local news sources. The respective fines in the EU are lower than the new ones in the Czech Republic would be.

Even though the new rules are not part of the EU regulations, the push was initialized by the trade block’s recommendations to get stricter around fraud and money laundering.

The Czech Republic is not the only country to issue new cryptocurrency rules lately. The UK Financial Conduct Authority introduced new guidelines for digital currencies in the beginning of August after the Bank of England called for more regulations earlier in the year.

In Iran, the government recently announced it would issue new stricter rules around crypto, including where in the country it would be allowed to have cryptocurrency farms.

Similarly, a South Korean watchdog announced in the beginning of August that it would take a more direct approach to regulating cryptocurrencies from now on.

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