Bitcoin
(asked on 11th December 2017) - View Source
Question to the HM Treasury:
To ask Her Majesty's Government what assessment they have made of the implications of the increasing trade in Bitcoin, and of the case for greater regulation of the trade of Bitcoin.
This question was answered on 21st December 2017
As with all policies, the government keeps its policy towards cryptocurrencies under review. For example, Government has recently published its National Risk Assessment of Money Laundering and Terrorist Financing, which included an examination of the risks associated with cryptocurrencies. The government is currently negotiating amendments to the European Anti-Money Laundering Directive which will extend regulation to virtual currency exchange platforms and custodian wallet providers. These amendments will enable competent authorities to ensure these firms are mitigating the risks regarding money laundering and terrorist financing. We expect these negotiations to conclude at EU level by early 2018, with a year for Member States to then implement the Directive.
As with all policies, the government keeps its policy towards cryptocurrencies under review. For example, Government has recently published its National Risk Assessment of Money Laundering and Terrorist Financing, which included an examination of the risks associated with cryptocurrencies. The government is currently negotiating amendments to the European Anti-Money Laundering Directive which will extend regulation to virtual currency exchange platforms and custodian wallet providers. These amendments will enable competent authorities to ensure these firms are mitigating the risks regarding money laundering and terrorist financing. We expect these negotiations to conclude at EU level by early 2018, with a year for Member States to then implement the Directive.