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Author Topic: UK planning to regulate digital currencies  (Read 590 times)
Quicken
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March 18, 2015, 02:27:49 PM
 #1

Interesting times...

http://www.coindesk.com/breaking-uk-treasury-issues-landmark-digital-currencies-report/

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BREAKING: UK's Plans to Regulate Bitcoin Revealed in Treasury Report

The United Kingdom's Treasury has published its report on digital currencies in conjunction with the Chancellor of the Exchequer's budget speech today.

The report recommends that anti-money laundering regulation be applied to digital currency exchanges in the UK and that HM Treasury will consult on the regulatory approach in Parliament.

The government will also work with the British Standards Institute and the digital currency industry to develop a "best practice" framework for consumer protection, according to the report.

https://www.gov.uk/government/consultations/digital-currencies-call-for-information

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   the government intends to apply anti-money laundering regulation to digital currency exchanges in the UK, to support innovation and prevent criminal use. The government will formally consult on the proposed regulatory approach early in the next Parliament

the government will work with BSI (British Standards Institution) and the digital currency industry to develop voluntary standards for consumer protection

    the government is launching a new research initiative which will bring together the Research Councils, Alan Turing Institute and Digital Catapult with industry in order to address the research opportunities and challenges for digital currency technology, and will increase research funding in this area by £10 million to support this
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March 18, 2015, 02:49:34 PM
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From the Government report:

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3.3 Almost all respondents to the call for information commented that digital currencies can offer a degree of anonymity to users, and that this factor could be a driver of criminal activity. Contributions also noted that the use of specific digital currencies, and anonymising services can increase the degree of user anonymity. However, stakeholders diverged in their assessment of the overall significance of the risks here. Some banks and payment scheme companies characterised digital currencies as anonymous and untraceable, but many of the submissions from users, digital currency firms and consultancies challenged this view and termed the technology ‘pseudonymous’ rather than anonymous. They noted that the publically visible ledger (or blockchain) of historical transactions makes digital currency payments less opaque than traditional payment methods, especially cash. Stakeholders saw that this ledger of historical transactions could potentially prove helpful for regulators and law enforcement.
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March 18, 2015, 04:45:42 PM
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Oh well, Regulated Bitcoin. This is the time you start using Monero
Stealthcoin
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March 18, 2015, 04:51:44 PM
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Oh well, Regulated Bitcoin. This is the time you start using Monero

But not while its price is pumped up sky high.
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March 18, 2015, 07:29:54 PM
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I thought UK exchanges already had to observe anti money laundering procedures when exchanging fiat for crypto. In fact I thought most European exchanges observe anti money laundering procedures when exchanging fiat for crypto, with the exception of btc-e. Nobody knows who runs btc-e, and even which country it's based in seems vague.
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