Home > World > UK pushing to include Bitcoin under money-laundering rules

UK pushing to include Bitcoin under money-laundering rules

Written by Business World, on 4th Dec 2017. Posted in World

article headline

Britain wants to increase regulation of Bitcoin and other digital currencies by expanding the reach of European Union anti-money-laundering rules that force traders to disclose their identities and report suspicious activity.

With demand for Bitcoin surging, fueling a 1,000% rally in its value so far this year, the British finance ministry said it expected negotiations over changes to the EU rules would conclude later this year or in early 2018.

Stephen Barclay, economic secretary to Britain's Treasury, told parliament in a notice dated Nov. 3 - but only reported by media on Monday - that the amendments "bring virtual currency exchange platforms and custodian wallet providers into Anti-Money Laundering and Counter-Terrorist Financing regulation."

That would mean those companies would be overseen by national competent authorities, the statement said.

The main U.S. derivatives regulator said on Friday it would allow CME Group Inc and CBOE Global Markets Inc to list Bitcoin futures contracts, opening the door to added regulation.

Australia has also said it would strengthen its money- laundering laws by bringing Bitcoin providers under the government's financial intelligence unit. (Reuters)

Source: www.businessworld.ie

More articles from World

image Description

US Multinationals Spend Over €31bn In The Irish Economy Every Year

Read more
image Description

Enterprise Ireland Trade Mission to Gulf Region

Read more
image Description

Asia Matters Business Awards celebrate record €120bn Ireland-Asia trade

Read more
image Description

Aer Lingus launches largest ever Transatlantic schedule

Read more
image Description

American Chamber celebrates 950 US Companies In Ireland

Read more