UK Treasury Won't Seek AML Rules for Bitcoin Wallet Providers
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....
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The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, has unveiled its proposed rules on transactions involving cryptocurrency wallets. Experts in the crypto community have weighed in on what the new proposed regulation means, what crypto owners should do, and which wallets are affected. FinCEN’s New Rules for Crypto Wallets The U.S. Department of the Treasury announced Friday that the Financial Crimes Enforcement Network (FinCEN) has proposed new rules “aimed at closing anti-money laundering regulatory gaps for certain convertible virtual....
In a proposal today, the European Commission – the executive arm of the European Union – sought stricter rules on the use of virtual currencies like bitcoin. Citing reasons of terrorism and money laundering, the European Commission has proposed stricter rules for the use of virtual currencies, an official press release revealed today. The changes will see digital currency exchanges and wallet providers fall under the purview of the Anti-Money Laundering Directive (AMLD). Such a move will seek to bring an end to the anonymity associated with digital currency transactions. The proposed rules....
Many have called the long-rumored rules an existential threat to peer-to-peer transactions. The Treasury has released its long-awaited proposal to restrict money services businesses, including U.S.-registered crypto exchanges, from dealing with self-hosted wallets.In a Friday evening announcement, the Treasury's Financial Crimes Enforcement Network, or FinCEN, announced proposed rules requiring registered crypto exchanges to verify the "identity of their customers, if a counterparty uses an unhosted or otherwise covered wallet and the transaction is greater than $3,000." The rule is....
The European Council, a body within the European Union composed of heads of state as well as the president of the confederation's executive branch, will propose rules for digital currency exchanges and wallet providers in the region by June, according to statements today following a meeting in Brussels. The news comes on the heels of a move by the European Commission to set the stage for stricter oversight of exchanges and wallet service providers. On 2nd February, the Commission said that it seeks “to help identify the users who trade in virtual currencies”, as well as end “the anonymity....
According to reports, the UK Treasury will extend existing finance laws to cover cryptoasset firms, with the new rules set to take effect in October 2027. Related Reading: Crypto’s Back-End Gets A Boost As Coinbase And Standard Chartered Join Forces This means exchanges, wallet providers and other crypto service companies will move beyond current anti-money-laundering […]