5 Amendments of Andreas SCHWAB related to 2016/2007(INI)
Amendment 12 #
Draft opinion
Paragraph 3
Paragraph 3
3. Acknowledges that VCs could present many risks and threats to financial integrity, consumer protection, cyber- security, exchange control enforcement, effective financial regulation and also in relation to criminal activities such as money laundering, tax evasion and tax fraud; notes, however that there is little evidence that VCs have been widely used as a payment vehicle for criminal activity;
Amendment 16 #
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Stresses that because of the opaque nature of the industry, the lack of regulatory safeguards and the complexity of the technology, VC holders are vulnerable to scams, such as stealing VCs (through hacking, fraud, false pretences, or misrepresentations) to fraudulent investment schemes;
Amendment 21 #
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Stresses, however, that no specific regulatory protections exist in the EU that protect consumers from financial losses if a platform that exchanges or holds virtual currencies fails or goes out of business, and this fact should be communicated by the businesses in the VC sector;
Amendment 33 #
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Acknowledges that the development of effective regulatory responses to the development of VCs is still at an early and delicate stage; stresses that regulators in some areas have made considerable progress in developing effective responses; notes, however, that a great deal of work remains to be done to put in place effective frameworks to regulate VCs in a manner that guards against the risks while not stifling financial and technological innovation;
Amendment 36 #
Draft opinion
Paragraph 7
Paragraph 7
7. Stresses the importance of consumer awareness and trust when using VCs while noting the growing use of VC micropayments for online purchases of goods; calls on the VC industry, in cooperation with the Commission and the Member States, to develop voluntary standardsconsider applying the relevant AML/CFT requirements specified by the international standards to convertible VC exchangers, and any other types of institution that act as nodes where convertible VC activities intersect with the regulated fiat currency financial system and to address the opportunities and challenges of VCs for consumers with the aim of enhancing the transparency of VC schemes in terms of how they are organised and operated and how they distinguish themselves from regulated and supervised payment systems, in terms of consumer protection, in order to allow existing and future VC users to make an informed choice.