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09 Jan

New Regulation for Virtual Currencies

January 10th, for many people, will be just another Friday. That is unless you work with Crypto-assets. On this day the Fifth Money Laundering Directive (5MLD) will come into force. It will address several weaknesses in the European Union’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regulations that have come to light since the enactment of the Fourth Money Laundering Directive (4MLD) back in June 2017.

For those working in Crypto-assets, this is the beginning of regulating virtual currencies including cryptocurrency.  

If your business engages with any of the following Crypto-asset activities, then this new regulation will apply to you.

  • Crypto-asset exchange provider
  • Crypto-asset Automated Teller Machine (ATM)
  • Custodian Wallet Providers
  • Peer to Peer Providers
  • Issuers of new Crypto-assets, e.g. Initial Coin Offering (ICO) or Initial Exchange Offering (IEO)
  • Publication of open-source software, e.g. Non-Custodian Wallet providers

Do you have the right regulation experts in place?

In the last decade, Crypto-assets have grown exponentially. This has meant that demand is high for quality candidates, and demand has outweighed supply. We have a bench of quality consultants that can help you fill any hiring gaps.

Do you have the resources to ensure you meet the key dates for 5MLD implementation?

  • 10th January 2020 – Deadline for beneficial ownership to be set up for corporates
  • 10th March 2020 – Deadline for beneficial ownership to be set up for trusts
  • 10th September 2020 – Deadline for centralised automated mechanisms to be set up to allow identification of those who hold or control payment accounts and bank accounts

Danos Consulting can ensure that you meet these key dates, and certify that your business delivers and exceeds regulatory expectations. As a leading supplier of regulatory personnel to the financial services industry globally, we are extremely well-placed to find you the best consultants and interim candidates. We use our experience and market knowledge to help you land the best people for your roles.

If you would like to find out more or would like our support, or advice on permanent and interim resource solutions, please do get in touch.

  • Author

    Shane House

    Associate, Danos Consulting

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