Bitcoin regulation: the UK wants to more targeted action against economic crime

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Juli 15, 2019

The government of the United Kingdom wants to make the government of Bitcoin and other crypto-currencies in the future more effective. The Plan of the government, in cooperation with the financial authority in the future to strengthen the fight against crime in connection with the BTC & co. approach.

By Phillip Horch
15. July 2019BTC$10.532,00 -0.84%part Facebook Twitter LinkedIn xing mail

The United Kingdom of its plans published recently to economic crime. In the „Economic Crime Plan“, presented to the island state to 76 pages, like he wants to continue to take action against economic crime. This also includes crypto-currencies to the language

the United Kingdom, among others, wants economic crimes better

To monitor the risk of economic crime it is, accordingly:

economic crimes relating to […] all aspects of the company. Economic crimes extend over the entire range of crime, from petty scams to sophisticated market manipulation in the Digital. […] The money-laundering of Proceeds of crime is a key element of the most serious and organized crime affecting the United Kingdom. The threat is growing, influenced by the advent of new technologies, Services and products, such as, for example, crypto-Assets.

According to the report, crypto-currencies, among other things, for „miss […], in order to disguise the ownership of the Assets [in the case of economic crime].“

Therefore, the government of the United Kingdom proposes to appoint, from January 2020, the Financial Conduct Authority (FCA) with the supervision of crypto-currencies. In addition, the government Bitcoin wants to monitor exchanges and other companies associated with crypto-currencies together, stronger. The government wants to wash a stronger Monitoring of the compliance with the Anti-money laws in force. As the business magazine Finance Magnates reported, to get the UK government to support action already funds in the amount of nearly eight millions of dollars from major financial institutions. A part of the approach will be affordable. Finally, it cost the government in the UK at least 46 billion US dollars in the year, against economic crime.

Bitcoin regulation in accordance with the guidelines of the FATF

So the UK wants to go according to the suitable information, even about the rules or recommendations of the FATF and beyond. The Financial Action Task Force, urged in June a Bitcoin regulation at the international level. So she looks about Crypto currency exchanges in the duty to register all personal data of the crypto-traders, and to report if necessary. These include the catalogue Name, the account number, the physical address and the data of the respective receiver of the crypto-transactions according to the requirement.

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