UK to establish control over cryptocurrency exchanges …

UK to establish control over cryptocurrency exchanges

The UK Treasury is looking to actively regulate cryptocurrencies, including bitcoin, as part of a pan-European initiative to tackle tax evasion and criminal cash flows. Writes about this Telegraph.

Cryptocurrency exchanges will be required to conduct due diligence on their users, including for money laundering, and report any suspicious activity to the competent authorities.

Thus, the British government intends to make cryptocurrencies a less attractive funding tool for terrorists and other lawbreakers. It is expected that the relevant amendments will be adopted throughout the European Union early next year.

Treasury Special Committee member John Mann explained, “New forms of exchange are rapidly gaining popularity, and it’s important for us to make sure we keep up with them. These words take on special meaning when we are talking about money laundering or outright theft. “.

Treasury Secretary Stephen Barclay Confirmed The Government Is Going To Tighten Requirements Related To Combating Money Laundering In The Cryptocurrency Field.

UK to establish control over cryptocurrency exchanges ...

“The UK government is currently discussing amendments that would include virtual currency exchange platforms and virtual currency storage solution providers in anti-money laundering and anti-terrorist financing laws. Thus, these firms will come to the attention of the relevant national authorities responsible for order in these areas, “he wrote..

Recall that in mid-November, the UK Financial Conduct Authority (FCA) warned investors about the risks of working with cryptocurrencies, in particular with cryptocurrency contracts for difference.

Photo: David Steele