British Treasury Plans to Implement EU-Wide Cryptocurrency Regulation by Late 2018

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TheCointelegraphJoshua Althauser |  Dec 7, 2017

The British Treasury plans to introduce regulations that will cover Bitcoin and other digital currencies in late 2018. The agency is increasingly concerned about the possibility that the virtual currencies could be used in illegal activities like money laundering and tax evasion due to their growing popularity.

Under the planned legislation that is intended to cover the entire European Union (EU), cryptocurrency traders will be compelled to disclose their identities and report any suspicious activity that they may discover in virtual currency trading.

See: Europe's alternative finance market hits $9.1 billion in the first quarter

This move by the UK government could cause confusion among industry players as the majority of f exchanges in the country are already compliant with the existing know your customer (KML) and anti-money laundering (AML) laws.

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