Bitcoin Regulation Moves Closer To Adoption In UKDecember 4, 2017 5:42 pm
Aiming to crack down on money laundering and tax evasion, the treasury of the UK announced plans Monday to strongly regulate the transfer of cryptocurrencies, Cointelegraph reported.
Although nothing specific has been decided, the report said, it is strongly believed any legislation will include anti-money laundering and know-your-customer (KYC) details.
The regulation is intended to become effective before the end of 2017, or just at the beginning of 2018, the report said. The increased regulations, in line with the directives in the EU, are intended to limit the amount of anonymity possible for cryptocurrency traders.
According to John Mann, a member of the Treasury committee: “These new forms of exchange 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.”
He continued: “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.”
As Bitcoin prices soar, other regulations have been threatened around the world, the report said. Currently, Bitcoin is becoming far more of a financial reality that it has ever been before, Cointelegraph said.
– WN.com, Jack Durschlag