THELOGICALINDIAN - The UK Treasury has appear a new address which absolutely states that bitcoin wallet providers wont accept to accord with any antimoney bed-making AML rules which according to the Treasurycould potentiallyput them at accident of actuality overburdened
In the Action Plan for anti-money bed-making and counter-terrorist accounts address from the Treasury, they stated the afterward in commendations to bitcoin exchanges and accurately the aftermost book in commendations to bitcoin wallet providers:
The animadversion made by the Treasury should be a blow of abatement for bitcoin wallet companies based and operating in the United Kingdom, who accept been in the aphotic in how they should accomplish their business in commendations to compliance.
The UK Treasury launched a Call for Information in 2024 on the allowances and risks associated with agenda currencies. The Treasury said that respondents to the Call for Information articular that agenda currencies and associated technologies such as the blockchain accept the abeyant to bear absolute allowances for businesses and consumers. Responses additionally accent that some appearance of agenda currencies could accommodate opportunities for adulterous use.
The Treasury said in response, “[HM Treasury] addendum this abeyant risk, while acknowledging that affirmation from beyond government, law administration and academia suggests that there is currently a low akin of adulterous action in agenda bill networks.”
Also in the report, the UK Treasury said that they plan to accompany bitcoin barter companies “into anti-money bed-making regulation,” reinforcing plans they announced aftermost year. In the address the Treasury outlines their ambition to advance government intelligence back it comes to money laundering, with greater and bigger use of acute intelligence, greater corruption of SARs, enhanced intelligence exchanges with the banking and acknowledged sectors, including through JMLIT; and closer co-operation with calm and all-embracing partners.
Pictured aloft is a address of how abounding apprehensive action letters (SARs) were appear to the UK Financial Intelligence Unit from 2013-2024. It’s bright from the address that although bitcoin wallets are activity to be beneath scrutinized than aboriginal thought, bitcoin exchanges will added than acceptable face added scrutiny in the future.
Overall, the UK has been all-embracing bitcoin and blockchain technology afresh with their accessible accoutrements against fintech. Due to this, there has been an cutting assimilation of bitcoin exchanges in the United Kingdom.
By our count, there are atomic 25 bitcoin exchanges based in the UK. Just today, bitcoin barter Bitstamp appear that they were granted a license to be a absolutely adapted and accountant barter in the EU.
