The Treasury of the UK has announced its plans to regulate the transfer of cryptocurrencies by including anti-money laundering details.
The Treasury of the UK has announced new plans that will place firm regulations on the transfer of cryptocurrencies in a bid to include new anti-money laundering (AML) and Know Your Customer (KYC) details.
The Treasury of the UK has announced that new regulations (which have yet to be stipulated in detail) would follow directives set by the European Union and would come into effect before the close of 2017.
John Mann, a member of the UK’s Treasury Select Committee, offered that digital currency exchanges “are expanding rapidly and we’ve got to make sure we don’t get left behind… that’s particularly important in terms of money-laundering, terrorism or pure theft. I’m not convinced that the regulatory authorities are keeping up to speed. I would be surprised if the committee doesn’t have an inquiry next year. It would be timely to have a proper look at what this means. It may be that we want to speed up our use of these kinds of thing in this country, but that makes it all the more important that we don’t have a regulatory lag.”
The move comes amidst the intent of other governments and central banks to regulate the trade of cryptocurrencies; just recently, the White House confirmed it is monitoring digital currencies (specifically Bitcoin), while the US Senate is presently drafting a bill that would effectively criminalize the non-disclosure of cryptocurrency portfolios.
The UK joins a growing raft of nations prepared to issue stern regulations on digital currencies; Russia has confirmed its intent to regulate cryptocurrency mining and ICOs by July of 2018.
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