UK Plans to apply AML regulations to Bitcoin
Bitcoin exchanges in the United Kingdom will soon be regulated by the government, areport released in conjunction with the Chancellor of the Exchequer George Osborne's 2015 Budget revealed. The government also intends to apply anti-money laundering regulations to Bitcoin and other cryptocurrencies, in a bid to the check the rise of digital currencies-assisted criminal activities while supporting innovation and growth in the revolutionary technology. The report released by HM Treasury and Andrea Leadsom MP disclosed that the government will launch a formal consultation in the next....
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As Bitcoin becomes increasingly prominent around the world, nations will seek to apply regulations in order to clarify the legal usage of bitcoin.
Recently the European Commission (EC) announced plans to apply the EU anti-money laundering and counter-terrorist financing regulations (the Fourth AML Directive or 4AMLD) to digital currency exchanges and possibly wallet providers. This move is a part of the EC’s broadening action against terrorist financing. But while this news comes as no surprise, another EC proposal, far less publicized and somewhat overlooked, has the potential to revolutionize the current state of affairs in digital currency regulation in the EU. The intention to embrace digital currencies by AML/CTF regulations has....
Fred Wilson is a VC and principal of Union Square Ventures. USV invests in bitcoin companies, but not the currency itself. Fred is interested in bitcoin because he believes it can be and possibly will be the financial and transactional protocol for the global Internet. Here, he shares his thoughts on New York State's revised Bitlicense regulations. Over the past year, the New York State Department of Financial Services (NYDFS), led by Superintendent Benjamin Lawsky, has been attempting to create a set of regulations for virtual currency services. They called this set of regulations the....
The Consumer Financial Protection Bureau (CFPB) has published a set of proposals that could impact cryptocurrency users. Its 870-page report, published 13th November, is largely focused on prepaid debit cards, but some provisions in the document may apply to cryptocurrency wallets too. Regulations may apply to all digital wallets. The bureau is still seeking comment on its proposed definition of 'prepaid accounts' and admits that the document remains a work-in-progress. While most of its proposal deals with cards, however, the CFPB notes that it could apply to digital currencies as well:....
The UK government plans on regulating digital currency exchanges in an effort to support technological innovation while preventing criminal use of such technologies. In a document released along side the announcement of the 2015 budget, the Treasury stated that they intended to apply anti-money laundering regulation to digital currencyexchanges within the UK. The Treasury plans to seek consultation later this year to gather views on how the regulations should be shaped to benefit legitimate actors within the digital currency industry. They will also seek council on how to ensure that law....