Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

UK and EU regulators to ‘crackdown’ on Bitcoin and cryptocurrency platforms

Regulators are said to be concern about the potential for digital currency to be used in money laundering and tax evasion.
bitcoin
Regulators want to bring cryptocurrencies under regulations

After a month of extreme volatility, the regulators are reportedly circling Bitcoin cryptocurrency, with both the UK and European Union believed to be planning a ‘crackdown’.

Specifically, the governments are worried about the potential for the digital currency to be used in money laundering and tax evasion.

READ: Bitcoin blows past the US$11,000 level; Elon Musk denies being its mysterious inventor

The UK Treasury, according to the reports, intends to bring Bitcoin and other cryptocurrencies under regulation, in line with anti-money laundering and counter-terrorism financial legislation.

Meanwhile, in Europe, the plan is to put regulation on the online trading platforms that host cryptocurrency transactions ensuring that the sites conduct customer due diligence and report suspicious transactions.

Julian Dixon, chief executive of anti-money laundering firm Fortytwo Data, highlighted that the British authorities are lagging those in the United States.

“The US is way ahead in terms of regulating cryptocurrencies,” Dixon said.

“The US Treasury classified bitcoin as a convertible decentralised virtual currency in 2013. Two years later, the Commodity Futures Trading Commission classified bitcoin as a commodity in September 2015.”

View full PROAC profile View Profile

Proactiveinvestors Timeline

Related Articles

Email
February 13 2018
The shares are up 50% over the last year as the company's international expansion gains momentum
Bricklive
December 28 2017
Apparently, at some point in their lives every person in the UK will hold or touch a Lego brick - Parallel is building a business around the famous plastic bricks
picture of Hunger Games cast
November 27 2017
Some of the most famous films ever made have been backed by FFI since it was founded in 1950

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use