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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.”

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