Moneyval, the Council of Europe’s expert body against money laundering, called for stricter regulations for virtual currencies in a report published in Strasbourg on Wednesday,
noting that Hungary had further improved its regulations but had still not fully implemented international rules on virtual currencies and service providers. The body said Hungary
is still being monitored and is required to present an annual report. Hungary has been scrutinised since September 2016 in terms of the efficacy of its measures taken against money
laundering and the financing of terrorism. More generally, the body called for stricter rules for service providers, including attorneys and accountants that are in a position to
assist in illegal financial transactions and tax evasion. The practice of using cryptocurrencies poses a serious challenge, while conventional controls cannot be applied and member
states show limited efficiency in their fight against money laundering and the financing of terrorism, Moneyval said.