ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.


24hr ---
Saturday Mar 24th 2018

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story


Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
Ether Price Analysis
Contact Us

European Parliament: Customs Officials 'Lack Sufficient Resources' To Monitor Cryptocurrency



De Silva

In late September 2017, one of the legislative arms of the European Union raised concerns about inadequate supervision of virtual currencies by customs officials. Its draft report states that authorities “lack sufficient resources.”

On September 29, 2017, the European Parliament’s Committee on Economic and Monetary Affairs and Committee on Civil Liberties, Justice and Home Affairs published a draft report proposing controls on cash entering or leaving the European Union. In one section of the report, the committees proposed an amendment to recital 12. European Union customs officials, they wrote, “lack sufficient resources” to monitor virtual currencies.

Some virtual currencies, like Zcash, offer a high degree of anonymity, shielding the identities of senders and receivers as well as concealing amounts transacted. Understandably, this makes it very difficult – nigh impossible – for authorities to trace the flow of money. The Parliament’s concern likely stems from the possibility of money laundering and terrorist financing via virtual currencies.

In June 2017, the European Commission published a report to the European Parliament that considered the potential threats of virtual currency. “Emerging products – such as crowdfunding platforms and virtual currencies – appear to be significantly exposed to ML/TF [money laundering/terrorist financing] risks,” wrote the Commission.

Across the pond, US government agencies like Immigration and Customs Enforcement have begun investing in anti-money laundering software provided by Chainalysis. This wouldn’t be a catch-all solution, but European officials may want to consider a similar strategy to bolster oversight and allay fears.

Matthew De Silva

Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles. Matthew is a full-time staff writer for ETHNews.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest European Union, European Parliament or other Ethereum world news.