The UK Treasury plans to implement cryptocurrency regulations by the end of 2018

nRunaway Comment: The cryptocurrency market is booming worldwide. Although the emerging market in Britain seems to be in good shape at the moment, its government agencies are still very concerned about the risks it may pose. In order to better protect investors, the British Ministry of Finance has stepped up the formulation of relevant laws and regulations, plans to launch by the end of 2018. It is foreseeable that other EU countries should also introduce cryptocurrency regulations one after another to regulate this kind of market activity.n
nTranslation: Inan
The UK Ministry of Finance plans to introduce regulations on bitcoin and other digital currencies by the end of 2018. The agency is increasingly worried that virtual currency will be used for illegal activities such as money laundering and tax evasion as it gets more popular.n
The legislative plan, which will take the entire EU into account, will force cryptographer to disclose his identity and report any suspicious activity they may find in the virtual currency transaction.n
The British government’s move could cause confusion in the industry as most exchanges in the UK already comply with the existing KYC and AML regulations.n
The status of the UK cryptocurrency marketn
Given the booming UK digital money market, the British government may implement the regulatory regulation soon after it is finalized. Encrypting money, especially bitcoin, and the rising market prices have attracted so many people that they may invest in these tokens.n
Due to the lack of provisions regulating the trading and use of digital currencies, people are likely to be exposed to high levels of risk.n
According to a spokesman for the UK Treasury Department, the new cryptocurrency regulation is likely to be implemented by the end of 2018. However, this time is tentative and may still change, and the exact details of the proposed legislation are not yet set.n
Expected in the near future, the EU countries will introduce more digital currency laws. However, it remains to be seen whether these potential regulations will have a significant impact on individual users.n

Leave a Reply

Your email address will not be published.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