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ARTICLE · 18 APRIL 2015

UK Government To Regulate Cryptocurrencies Such As Bitcoins

ICSA
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In putting together a series of measures, the government aims to address key criminal and consumer protection risks associated with the use of digital currencies.

United KingdomGovernment, Public Sector
Pooja Kondhia
Pooja Kondhia

The UK government is to regulate cryptocurrencies such as Bitcoins to tackle money laundering.

In putting together a series of measures, the government aims to address key criminal and consumer protection risks associated with the use of digital currencies. A full consultation detailing the regulatory approach has been proposed for the next Parliament and will include: how anti-money laundering regulation should be applied to the digital currencies sector; the scope of the regulatory perimeter; and the identity of the regulator.

The government is hoping the regulations will enable digital currencies to be used as an innovative alternative payment option in the UK, and to compete with existing models.

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