EU supported law on crypto exchange platforms !

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Bitcoin and other crypto-currencies advanced on Friday as the European Parliament supported the decision to require cryptocurrency trading platforms to apply customer verification rules to their platforms.

The law was adopted with 574 votes yes and 15 votes no, with 60 abstentions. Under this measure, platform and portfolio providers will have to apply due diligence procedures designed to combat money laundering. Customer verification is one of these procedures. The rules would also reduce the amount of identification of prepaid cardholders from € 250 to € 150.

The measures were introduced in response to the 2015 and 2016 terrorist attacks in Paris and Brussels, officials said.

"Criminals use anonymity to launder their illicit proceeds or finance terrorism," said MP Krisjanis Karins. "This legislation helps address the threats to our citizens and the financial sector by providing better access to information about the people behind these businesses and by tightening the rules governing virtual currencies and anonymous prepaid cards."

Bitcoin was trading at $ 8,529.40, up 3.27% at 9:10 am (1:10 pm GMT) on Bitfinex.

The other crypto-currencies are also progressing, with Ethereum, the second largest cryptocurrency in the world by market capitalization, up 8.00% to $ 590.29 on Bitfinex. Ripple, the third largest virtual currency, rose 16.43% to $ 0.86387 while Litecoin was at $ 151.08, an increase of 6.53%.

Also, new, JPMorgan (NYSE: JPM) is testing a blockchain platform for the issuance of financial instruments at the National Bank of Canada. The platform was built using Quorum, an open-source blockchain developed by JPMorgan. Banks hope to use cryptocurrency technology to streamline banking processes such as cross-border payments and securities settlements.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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