Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Ukrainian UK


UK government mulls Bitcoin regulation

Latest news

    Bitcoin stickerImage copyright Getty Images

    Anti-money laundering regulations should be updated to include Bitcoin and other virtual currencies, the UK Treasury has said.

    The Metropolitan Police says criminals are using crypto-currency cash machines to launder money in London.

    The government’s aim is part of a broader update to the EU rules which are under negotiation.

    The update, revealed in Parliament last month, would mean that traders would no longer be able to operate anonymously.


    Bitcoin expert Dr Garrick Hileman, a research fellow at the University of Cambridge, said that in jurisdictions such as New York, crypto-currency is already subject to tighter regulation.

    “I think these announcements have a powerful signalling effect and put the industry on notice that the ‘cop on the beat’ is concerned and watching crypto-currencies more closely now,” he said of the Treasury news.

    “This in turn will motivate companies to more effectively self-police bad actors.”

    At a press briefing, Scotland Yard warned about the currencies’ popularity among criminals.

    “Organised criminal groups have been early adopters of crypto-currencies to evade traditional money laundering checks and statutory regulations,” said Det Supt Nick Stevens, from the Serious and Organised Crime Command.

    “Criminals have also used crypto-currencies to purchase illegal commodities on dark market sites with anonymity.”

    A Treasury spokesman said that there were already “clear tax rules” for legitimate crypto-currency users.

    “We also intend to update regulation to bring virtual currency exchange platforms into anti-money laundering and counter-terrorist financing regulation,” he added.

    Bitcoin billionaires

    The value of Bitcoin has continued to climb after reaching a landmark value of $10,000 (£7,400) and at the time of writing was trading at more than $11,200.

    Bank of England deputy governor Sir Jon Cunliffe has advised people to “do their homework” before investing.

    “People need to be clear this is not an official currency. No central bank stands behind it, no government stands behind it,” he told the BBC last week.

    US twins Cameron and Tyler Winklevoss are reported to have become the world’s first Bitcoin billionaires, having invested $11m in the currency in 2013.

    That stake would now be worth $1.01bn, according to The Times.

    View the original article:

    The brothers settled a legal dispute with Facebook in 2011 after claiming that Mark Zuckerberg stole their idea for a social network.

    In the same category are

    Priciest energy charges to be capped Image copyright Getty Images Legislation to crack down on expensive energy tariffs is being introduced to Parliament on Monday.The government claims...
    Sridevi: India mourns Bollywood superstar Sridevi dead at 54 Media playback is unsupported on your device Media captionSridevi "paved way for other women in Bollywood"Tributes have been pouring in for supersta...
    Paper review: Corbyn’s ‘Brexit betrayal’ and snow ‘chaos’ By BBC News Staff Image caption Jeremy Corbyn's speech, in which he is expected to clarify Labour's stance on a post-Brexit customs union, is fe...
    Alan Pardew: West Bromwich Albion will stick with manager for trip to Watford Alan Pardew - Disappointed with 'ugly' performanceAlan Pardew will remain in charge of West Brom for Saturday's Premier League trip to Watford.Owner ...
    Garth Crooks’ team of the week: Aguero, Salah, Oxlade-Chamberlain, Kompany Manchester City won their first piece of silverware under Pep Guardiola with a comprehensive 3-0 win over Arsenal in the Carabao Cup final, hours aft...
    Turkish women sentenced to death in Iraq for IS links Image copyright DELIL SOULEIMAN/AFP/Getty Images Image caption Hundreds of women have been detained on suspicion of being IS fighters' relatives A...

    Leave a comment

    Your email address will not be published. Required fields are marked *