To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more

Kenes Rakishev appointed as a member of Astana Opera Board of Trustees

Kenes Rakishev joins the cast of selected businessmen to support the art in Kazakhstan

The European Union wants to raise fines for cryptocurrency crimes

The European Commission is preparing to propose new sanctions for cybercrimes related to cryptocurrencies.

21.Sep.17 6:42 AM
By Daria Zaytseva


The European Union wants to raise fines for cryptocurrency crimes

In yesterday's release, the Executive body of the European Union stated its intention to introduce a new directive dedicated to digital crimes, citing recent attacks with extortion in the region and abroad. Part of that plan will involve the creation of a European cybersecurity agency to lead such efforts.

Included in the proposal is a plan to beef up punishments for those involved in related cybercrimes, including ransomware attacks.

That the EU's leadership would move in this direction is perhaps unsurprising given past moves to regulate the bloc's cryptocurrency startups more closely.

In addition, possible changes in EU rules regarding cryptocurrencies, could go beyond the crimes related to the redemption and to provide additional public documents. In a separate release, which describes "fraud with non-cash payments" in the EU, officials said that the existing statutes are not equipped to account for crimes associated with technology.

The document states that the existing rules of the criminalization of fraud with non-cash payments set out in the Framework Council decision 2001/413 / JHA, no longer reflect the current realities and did not sufficiently reflect new challenges and technological developments such as virtual currencies and mobile payments.

Back to the list

Related Information: