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The European Union Sets Out New Penalties For Cryptocurrency Crimes

The European Union Sets Out New Penalties For Cryptocurrency Crimes

The European Union is planning to set out new penalties for cryptocurrencies related cybercrimes.

With the recent ransomware attacks that caused the challenge in the region around and other parts of the world, the executive arm of the European Union decided to impose the new law focused on digital crimes. As an initiative into the plans a European cyber security agency would lead such endeavours.

The plan further includes the to add up the punishments for those involved in all kinds of cybercrimes like ransomware attacks.

The commission stated that the new proposal "will strengthen the ability of law enforcement authorities" to control crimes "expanding the scope of the offences related to information systems to all payment transactions, including transactions through virtual currencies."

According to the additional public documents, there could be further changes in the EU regulations involving cryptocurrencies which would be far beyond the crimes involving ransomware. The EU officials in a separate release also mentioned that the existing landscape is not equipped to account for crimes involving the technology.

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