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ARTICLE · 09 APRIL 2015

HM Treasury Publishes Report On Digital Currency Standards

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On March 18, 2015, HM Treasury published a report detailing the outcome to its call for information on digital currencies.

United KingdomFinance and Banking
A&O Shearman
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On March 18, 2015, HM Treasury published a report detailing the outcome to its call for information on digital currencies. The report states that UK Government intends to improve standards and clarity around digital payments, and the initiatives that it will undertake will include: (i) applying anti-money laundering regulations to digital currency exchanges; (ii) developing a set of standards to enhance consumer protection; and (iii) ensuring that law enforcement bodies are able to prosecute criminal activity and confiscate digital currency funds where transactions are carried out for criminal purposes.

The report is available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/414040/digital_currencies_response_to_call_for_information_final_changes.pdf.

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