UK's Plans to Regulate Bitcoin Revealed in Treasury Report
The UK Treasury has announced a series of initiatives dealing with digital currency in a landmark report published in conjunction with the Chancellor of the Exchequer's annual budget speech today. The announcement is the government's first major attempt to grapple with the regulatory and consumer safety issues surrounding digital currencies. The report is largely positive towards digital currencies, noting its potential as a payments technology, while also underlining its nascent state and the potential risks associated with its use. The report said: "The government considers that digital....
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This week's news that the UK government will seek to regulate digital currencies made waves in the local startup community. The UK Treasury report, revealed on Wednesday as part of chancellor George Osborne's annual budget, outlined plans to curb criminal activity via AML (anti-money laundering) regulation and allow digital currency companies to opt-in to standardised consumer protections following May's election. The government also proposed injecting £10m into research on digital currencies as part of its larger pledge to innovation in FinTech. While many of the 120 submissions that....
The release of the latest UK Treasury Report was another blow to bitcoin prices this week, as the government revealed plans to curb bitcoin transactions. In particular, Chancellor George Osborne outlined on Wednesday that they will be stepping up their efforts to restrict criminal activity through anti-money laundering using digital currencies. On a more upside note, the report also revealed that the government plans to spend 10 million GBP in researching on bitcoin transactions and cryptocurrencies. This could allow startup companies to comply to standardized consumer protection laws....
The UK Treasury has said that it won’t seek to impose anti-money laundering (AML) rules on digital currency wallet providers in a bid to avoid overburdening those services. The remarks were issued last week in a report that detailed the UK government's plans to tackle money laundering and terrorist financing risks more broadly. According to the report, the UK Treasury plans to bring digital currency exchange firms "into anti-money laundering regulation", reinforcing plans first announced last year. However, an outstanding question at the time related to whether these rules would....
The British Treasury Department has affirmed its commitment to regulate stablecoins after the collapse of terrausd (UST) and terra (LUNA). “This will create the conditions for issuers and service providers to operate and grow in the U.K., whilst ensuring financial stability and high regulatory standards,” said an HM Treasury spokesperson.
Regulation of Stablecoins in the UK
HM Treasury, the U.K. Treasury Department, is moving forward with plans to regulate payment stablecoins despite a crypto market meltdown last week, The Telegraph reported Saturday.
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The U.S. Treasury Department issued a statement following a virtual call with other G7 members.