Czech Republic To Enforce Crypto Regulations Deemed Harsher Than The Ones Issued by the EU

While some countries are friendly to Bitcoin, others seem to hate it. Unfortunately, the Czech Republic is far from one of the friendliest countries with crypto. According to recent reports, the country is about to enforce regulations on the crypto industry which are deemed to be even harsher than the ones required by the European Union.

A local media outlet has recently affirmed that, in order to comply with the European Anti-Money Laundering (AML) laws, the Czech Republic is set to take extreme measures.

For instance, the country will fine in around $20,000 USD for any illegal crypto company, as well as to enforce the regulations from the EU’s Fifth AML Directive. According to this new directive, the countries of the union would need to have a close oversight on wallets and exchanges and ask them to provide more transparency.

The media outlet that reported on this story, Hospodářské Noviny, affirmed that the measure was a bit harsh and that it could get in the way of the competitiveness of the sector, despite the fact that only exchanges who are not regulated will be fined. All exchanges within the boundaries of the law will not need to worry.

The Czech Republic is one among many examples of countries that decided to upgrade the European requirements and to look more closely at crypto companies. Cyprus, for instance, also decided to enforce several obligations which are not stated by international law.

These cases might be happening because the local governments believe that, if they need to make obligatory changes in regulation, they might as well just make them specific to their countries.

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Nirmala Velupillai
Nirmala Velupillai
Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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