In some twenty odd days, the EU will officially recognize virtual currencies, when the regulation EU 2018/843 of the European Parliament and Council, published in the Official Gazette of the European Union L. 156 06/19/2018 will, in fact, go into effect. The regulation will have to be implemented by the various States by January 10, 2020; while they will be obligated to introduce it as a new interpretative canon, it will, in fact, be applied starting at the end of July 2018. This necessarily implies that all member States of the EU will recognize the virtual currencies by January 2020.
The definition given to cryptocurrencies by the EU:
“A digital representation of value not issued or guaranteed by a central bank or public organization, it is not necessarily linked to a legally established currency, it doesn’t have the legal status of exchange or currency but is accepted by natural and legal persons as a means of exchange and can be electronically transferred, stored and exchanged.”
The regulation also adds the figure of the “provider of digital wallet services” defining it as “a person who shares services for safeguarding private cryptographic keys in the name of his clients, with the purpose of storing and transferring virtual currencies.” The word cryptocurrency is never mentioned, nor is bitcoin, but it’s more than evident that the regulation refers to them.
In fact, with this text, the EU officially recognizes cryptocurrencies, giving them a different legal status compared to the Fiat currencies and obligates the member States to do likewise.
Soon, Japan won’t be the only important country to officially recognize cryptocurrencies, but by 2020 also Germany, France, Italy, Spain and all the other nations that form part of the European Union.
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