Bitcoin and Mobile Payments

Abstract

Both virtual currencies and mobile payments are rapidly growing, novel developments in the global payments industry. These developments create challenges for regulators when it comes to fitting the new technology into the old legal framework. In some cases, the legal framework has to be amended to cover new technological developments. In this chapter, the European anti-money laundering framework in its older shape (Directive 2005/60/EC) and in its newest incarnation (Directive (EU) 2015/849) is examined. The shortcomings of the directives are to be exposed and possible ways around these shortcomings are explained.