UK Treasury to Crackdown on Crypto

[Keihatsu]

http://www.telegraph.co.uk/news/2017/12/03/bitcoin-crackdown-amid-fears-money-laundering-tax-dodging/

ministers are launching a crackdown on the virtual currency Bitcoin amid growing concern it is being used to launder money and dodge tax.

The Treasury has disclosed plans to regulate the Bitcoin that will force traders in so-called crypto-currencies to disclose their identities and report suspicious activity.

Until now, anybody buying and selling bitcoins and other  digital currencies have been able to do so anonymously, making it attractive to criminals and tax avoiders.

But the Treasury has now said it intends to begin regulating the virtual currency, which has a total value of £145 billion, to bring it in line with rules on anti-money laundering and counter-terrorism financial legislation.

The new rules, which will be applied across the European Union, are expected to come into force by the end of the year or early in 2018, the minister in charge has said.

[jimbo2000]

http://www.telegraph.co.uk/news/2017/12/03/bitcoin-crackdown-amid-fears-money-laundering-tax-dodging/

ministers are launching a crackdown on the virtual currency Bitcoin amid growing concern it is being used to launder money and dodge tax.

The Treasury has disclosed plans to regulate the Bitcoin that will force traders in so-called crypto-currencies to disclose their identities and report suspicious activity.

Until now, anybody buying and selling bitcoins and other  digital currencies have been able to do so anonymously, making it attractive to criminals and tax avoiders.

But the Treasury has now said it intends to begin regulating the virtual currency, which has a total value of £145 billion, to bring it in line with rules on anti-money laundering and counter-terrorism financial legislation.

The new rules, which will be applied across the European Union, are expected to come into force by the end of the year or early in 2018, the minister in charge has said.

Can't read the whole article without registering to the site but a few things you said sound a bit strange. You mentioned that the rules would be enforced across the EU, that is strange given that the UK is leaving the EU?

[jjdub7]

http://www.telegraph.co.uk/news/2017/12/03/bitcoin-crackdown-amid-fears-money-laundering-tax-dodging/

ministers are launching a crackdown on the virtual currency Bitcoin amid growing concern it is being used to launder money and dodge tax.

The Treasury has disclosed plans to regulate the Bitcoin that will force traders in so-called crypto-currencies to disclose their identities and report suspicious activity.

Until now, anybody buying and selling bitcoins and other  digital currencies have been able to do so anonymously, making it attractive to criminals and tax avoiders.

But the Treasury has now said it intends to begin regulating the virtual currency, which has a total value of £145 billion, to bring it in line with rules on anti-money laundering and counter-terrorism financial legislation.

The new rules, which will be applied across the European Union, are expected to come into force by the end of the year or early in 2018, the minister in charge has said.

Well, the world is full of beautiful places to live outside EU. And wasn't UK exiting the EU anyway from 2019? it's bad that they are speaking for hard regulations, but this mean they are feared from cryptos and they are afraid for their asses.

[rayk]

eww  I don't think governments are not able to catch those people involving in money laundering through cryptocurrencies. But if monero is the case, I can't say anything. But it is not just about cryptocurrencies.

[SrujanPanuganti]

http://www.telegraph.co.uk/news/2017/12/03/bitcoin-crackdown-amid-fears-money-laundering-tax-dodging/

ministers are launching a crackdown on the virtual currency Bitcoin amid growing concern it is being used to launder money and dodge tax.

The Treasury has disclosed plans to regulate the Bitcoin that will force traders in so-called crypto-currencies to disclose their identities and report suspicious activity.

Until now, anybody buying and selling bitcoins and other  digital currencies have been able to do so anonymously, making it attractive to criminals and tax avoiders.

But the Treasury has now said it intends to begin regulating the virtual currency, which has a total value of £145 billion, to bring it in line with rules on anti-money laundering and counter-terrorism financial legislation.

The new rules, which will be applied across the European Union, are expected to come into force by the end of the year or early in 2018, the minister in charge has said.

Its sad to see governments regulating crypto. Why other governments wont see crypto like Japan?

[jimbo2000]

Its sad to see governments regulating crypto. Why other governments wont see crypto like Japan?

Well if it's true then they are only trying to regulate in terms of taxation which while removing anonymity to an extent it is not a major crackdown on cryptocurrencies. It is not a case of them being banned but being brought more in to line so that money laundering and such is harder to accomplish.

[quantumcomputing11]

Makes sense some progressive countries are already taxing bitcoin or at the minimum have laws addressing bitcoin this was only going to happen in time so makes sense. Now only a little more time before most major countries have some sort of tax law in place with bitcoin because they realize it is here to stay may as well get a piece of the pie. They probably didn't care enough in the past or think it would become a thing and now it is on the verge of becoming mainstream and every government wants a piece of the pie!

[stealth.money]

This is true, just like the article said, they want their citizen to pay taxes.

[o_e_l_e_o]

The US have already started doing this by asking Coinbase to report their biggest spenders to the IRS. All countries will follow suit eventually. As with any financial investments - stocks, shares, bonds, etc - you need to pay your taxes.

[lighpulsar07]

http://www.telegraph.co.uk/news/2017/12/03/bitcoin-crackdown-amid-fears-money-laundering-tax-dodging/

ministers are launching a crackdown on the virtual currency Bitcoin amid growing concern it is being used to launder money and dodge tax.

The Treasury has disclosed plans to regulate the Bitcoin that will force traders in so-called crypto-currencies to disclose their identities and report suspicious activity.

Until now, anybody buying and selling bitcoins and other  digital currencies have been able to do so anonymously, making it attractive to criminals and tax avoiders.

But the Treasury has now said it intends to begin regulating the virtual currency, which has a total value of £145 billion, to bring it in line with rules on anti-money laundering and counter-terrorism financial legislation.

The new rules, which will be applied across the European Union, are expected to come into force by the end of the year or early in 2018, the minister in charge has said.

Well indeed bitcoin is only place where you can do money laundering and tax evasion due to it decentralized system for me, regulating bitcoin and other cryptocurrencies is good why? because if you think about it,the government already accepted bitcoin now they just creating regulatory measures to prevent someone or criminals do their activities such money laundering and also, they just want to pay your taxes. Now the US had started to doing this i think the other countries will follow also.