European Union governments want to see global Bitcoin regulation initiated for the G20 countries, coordinated by the international and intergovernmental OECD (Organization for Economic Co-operation and Development). A spokesperson from the German Finance Ministry talked about the \"speculative risks of virtual currencies,\" amongst which is the conviction by many regulators that crypto is used for drug trafficking, terrorism and money laundering.

On December 20th, when Bitcoin saw a big price spike and was trading at $17,000, it was agreed by the European Parliament and the European Council (its executive arm) to amend the EU Fourth Anti- MoneyLaundering Directive (4AMLD). The proposed amendment (called the 4AMLD Virtual Currency Amendment) will subject cryptocurrency exchange platforms and coin wallets to the requirements for reporting beneficial ownership. EU Member States must formally adopt the Amendment and enact it in their national laws, within a period of 18 months.

The new regulations require increased transparency on the part of trading companies and trusts, who will have to register beneficial ownership information, so as to crack down on illegal activities. Under 4AMLD, interconnected registries will be created by member states in 2018, recording ownership details which will be accessible by local and centralised tax authorities – as well as others who can \"demonstrate a legitimate interest\" in accessing such data.