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The UK is preparing to legislate Bitcoin and other cryptocurrencies

Both the UK and EU are expected to regulate cryptocurrencies in 2018

The UK is preparing to legislate Bitcoin and other cryptocurrencies

The UK is preparing to legislate Bitcoin and other cryptocurrencies

One of the critical problems, or advantages, of Bitcoin and other cryptocurrencies is anonymity, allowing transactions to be made while users remain unknown. While fans of privacy love this feature, problems arise when criminal elements also use this feature to commit fraud, buy or sell drugs or fund terrorist organisations. 

The UK Government plans on regulating Bitcoin and other digital, decentralised currencies with plans to eliminate the anonymity of users to curb money laundering and other illegal activities. 

Below is a statement from the Treasury, which showcases an intention to bring cryptocurrencies in line with existing anti-money laundering and counter-terrorism laws. 


    We have clear tax rules for people who use cryptocurrencies, and like all tax rules, these are kept under review. We also intend to update regulation to bring virtual currency exchange platforms into anti-money laundering and counter-terrorist financing regulation.


Right now, the UK is negotiating amendments to the EU's 4th Anti-Money Laundering Directive to place virtual currency exchanges under the review of national financial authorities, which will force providers to report suspicious transactions and disclose the identities of their users. These negotiations are expected to end in late 2017 or early 2018. 

Below is a comment from Stephen Barclay, the UK's Economic Secretary. 

   The UK government is currently negotiating amendments to the 4th Anti-Money Laundering Directive that will bring virtual currency exchange platforms and custodian wallet providers into Anti-Money Laundering and Counter-Terrorist Financing regulation, which will result in these firms’ activities being overseen by national competent authorities for these areas. The government supports the intention behind these amendments. We expect these negotiations to conclude at EU level in late 2017/early 2018.

 

The UK is preparing to legislate Bitcoin and other cryptocurrencies  

Cryptocurrencies were not going to remain outside of the control of governments forever, especially with the rising popularity and price of Bitcoin throughout 2017.

This is not a "clamp down" on Bitcoin, as that implies unfair treatment when compared to other currencies. This new legislation will bring Bitcoin and other digital currencies in line with existing economic regulations, which are ultimately in place to prevent tax evasion, money laundering and the funding of criminal or terrorist groups. 

You can join the discussion on UK/EU's plans to regulate Bitcoin and other digital currencies on the OC3D Forums

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Most Recent Comments

04-12-2017, 10:43:12

Bagpuss
They should legislate it out of existence.

Worthless product of a fundamentally corrupt system.Quote

04-12-2017, 10:53:15

NeverBackDown
I can foresee the etherum stock skyrocketing yet again very soon.Quote

04-12-2017, 11:04:02

Legacy-ZA
Quote:
Originally Posted by NeverBackDown View Post
I can foresee the etherum stock skyrocketing yet again very soon.
How so? Ethereum is also labeled as a Crytocurrency, it's not just going to be Bitcoin as I understand it. Quote

04-12-2017, 11:10:54

AverageNinja
Quote:
Originally Posted by NeverBackDown View Post
I can foresee the etherum stock skyrocketing yet again very soon.
I'd put my money on IOTA at the moment. Bought a few yesterday right before the surge. Gonna buy some more tonight. This currency has potentially infinite scalability without transaction fees, so it has the potential to become 'the next bitcoin'.

Of course, trading cryptocurrency is quite risky, so only invest money you're prepared to lose, and as soon as you buy cryptocurrency, consider your money to be gone.Quote

04-12-2017, 11:43:03

NeverBackDown
Quote:
Originally Posted by Legacy-ZA View Post
How so? Ethereum is also labeled as a Crytocurrency, it's not just going to be Bitcoin as I understand it.
Bitcoin is different than Ethereum. Bitcoin is ASIC based. It's more prone to false coins/hacked coins. So while they both are crypto currencies ETH is far more suitable as a whole for an actual currency.

Quote:
Originally Posted by AverageNinja View Post
I'd put my money on IOTA at the moment. Bought a few yesterday right before the surge. Gonna buy some more tonight. This currency has potentially infinite scalability without transaction fees, so it has the potential to become 'the next bitcoin'.

Of course, trading cryptocurrency is quite risky, so only invest money you're prepared to lose, and as soon as you buy cryptocurrency, consider your money to be gone.

Eh it's all gonna fail soon I think. Everybody is in it for the quick cash but you only get the quick cash if you've been in it from the start since you get all the bonuses. Once they exhaust ETH they will move on to the next big one. It'll keep happening until they are all exhausted and only the 1% will actually make it big. None of it has value outside what people perceive it to be which is why the stocks are so volatile.Quote
Reply
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