The UK plans to implement tougher regulations on cryptocurrencies


Contrary to what might seem, the new regulations seem to point towards the regulated acceptance of cryptocurrencies, since they do not annul the cryptographic ecosystem but prevent it from money laundering and illicit activities

The British government is planning to introduce strict regulations on cryptocurrencies, such as Bitcoin, to combat crime, measures such as tax evasion and money laundering.

The Treasury of the United Kingdom will lead the effort to regulate cryptocurrencies, which falls within the scope of legislation against money laundering and terrorist financing.

A Treasury spokesman said Monday:

We have clear fiscal rules for people who use cryptocurrencies, and like all tax regulations, they are kept under review. We also intend to update the regulation to bring virtual currency exchange platforms to the regulation against money laundering and terrorist financing . “

The comments were quickly disseminated in some media that described it as a “repression/crackdown” of cryptocurrencies, while the truth is closer to the expected course of regulatory acceptance of decentralized cryptocurrencies to ensure that trading platforms comply with the rules of regulators.

In addition, the Treasury’s intention to regulate cryptocurrencies comes amid reports from drug traffickers in London who allegedly laundered cash at Bitcoin ATMs in the city. ” If you are a local drug dealer, the cryptocurrency ATM is a great opportunity to get rid of cash quickly,” said Detective Inspector Tim Court of the London Metropolitan Police.

The reason Bitcoin was created was genuine, it was honest,” said Detective Chief Inspector Gary Miles, head of the anti-fraud operation of the  Metropolitan Police (Met)  in London. “But it seems to have been hijacked and exploited by some people in the criminal underworld .”

The secretary of Economy of the Treasure , Stephen Barclay, revealed for the first time in the end of October of this year the plan to introduce regulations for Bitcoin . Speaking at the Parliament of the United Kingdom, Barclay was answering a question about the Treasury Department’s intention to regulate cryptocurrencies.

He claimed:

The UK government is negotiating amendments to the Fourth Anti-Money Laundering Directive that will lead to virtual currency exchange platforms and custodian wallet providers to the Anti-Money Laundering and Anti-Terrorist Financing regulation, which will make The activities of these companies are supervised by competent authorities for these areas. The government supports the intention behind these amendments. We hope that these negotiations will conclude at the EU level by the end of 2017 / early 2018.

Previous articleThe best microphones for making podcasts
is strongly seasoned and hard-working Graphic Designer with extraordinary creative thinking and project design abilities. With 7 years experience in print and digital, including art direction, web/mobile design and consultation, illustration, packaging and copywriting/editing for clients in fashion, pharmaceutical, furniture, automotive, food & beverage, design, hospitality, financial, broadcast and NGO. I love sharing ideas and writing articles.