UK eyes AML rules for bitcoin regulation

Author: Olly Jackson | Published: 4 Jan 2018

The UK Treasury’s proposal in December to regulate bitcoin under anti-money laundering (AML) rules could have far reaching consequences for how it the currency is traded and on its value.

Concerns about the purposes of bitcoin trading has led both the UK and the EU to plan new legislation that would create new regulatory oversight. The EU plans to require investors to disclose their identities, and online platforms to carry out due diligence on customers and report any suspicious transactions. The UK government also wants the EU to amend the 2017 AML Directive so that it has the authority to oversee any activity from crypto exchanges.

Bitcoin has attracted widespread attention after its value increased tenfold in the past 12 months, but has also been heavily criticised as an uncertain investment. Blackrock chief executive Larry Fink said in October that bitcoin just shows 'how much demand for money laundering there is in the...



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