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....
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