The European Parliament (EP) is bringing in measures to mitigate the risks associated with cryptocurrencies. The members of EP voted 574 votes to 13 votes with 60 abstentions in favor of a December agreement that asked for closer regulation for virtual currencies, like Bitcoin, to prevent them being used for money laundering and terrorism financing. Under the agreement, cryptocurrency exchanges and custodian wallet providers will have to apply customer due diligence controls, including customer verification requirements, just like their banking counterparts. The European Parliament expects that this will help end the anonymity associated with virtual currencies, which is believed to encourage its…

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