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New Digital Currency Gains Traction as Accepted Medium of Exchange
In a significant development, the concept of digital currency has gained widespread acceptance as a means of exchange among individuals and entities. Despite having no legal status as a currency or cash fund, this digital medium has been recognized as a viable alternative for transactions.
Ease of Use, Speed, and Convenience Drive Adoption
The rise of digital currency can be attributed to its ease of use, speed, and convenience. It allows users to make transactions electronically, without the need for physical cash or traditional payment methods. This has led to increased adoption rates among individuals and businesses alike.
Entities Required to Implement Anti-Money Laundering Measures
In response to the growing popularity of digital currency, the government has implemented measures to prevent money laundering and terrorist financing. Entities that are required to implement these measures include:
- Banks
- Savings banks
- National payment institutions
- Post offices
- Brokerage companies
- Investment funds
- Alternative investment fund managing companies
- Branches of Member State investment companies
- Other entities
These obligations apply to a wide range of activities, including:
- Granting credit or loans
- Financial leasing
- Issuing and managing payment instruments
- Virtual currency services
- Portfolio management
Entities must implement measures to detect and prevent money laundering and terrorist financing before or at the time of receiving, handing over, exchanging, safekeeping, disposing of, or handling monies or other property.
Broader Scope of Obliged Entities
The government has also expanded the scope of obliged entities to include:
- Lawyers
- Law firms
- Notaries
These professionals must implement anti-money laundering measures in accordance with Chapter IV of the Act governing money laundering and terrorist financing.
Natural Persons Excluded from Obligations
However, natural persons carrying out activities such as:
- Accounting services
- Tax advisory services
- Trust and company services
- Trade in precious metals and stones
- Real estate business
are excluded from these obligations. These individuals may continue to operate without implementing anti-money laundering measures.
Government Efforts to Prevent Money Laundering and Terrorist Financing
The government’s efforts to prevent money laundering and terrorist financing through digital currency transactions have received widespread support. As the use of digital currency continues to grow, it is expected that these measures will remain in place to ensure the integrity of financial transactions.