The UK Treasury will regulate cryptocurrencies

The British government plans to introduce stringent rules for cryptocurrencies, in particular bitcoin, for fraud, tax evasion and money laundering.

To regulate the use of cryptocurrencies will be the UK Treasury, with the result that it is subject to the legislation on combating money laundering and the financing of terrorism.

«We have a clear tax rules for the users of cryptocurrencies, and as with all tax rules, they constantly checked. We also intend to update the rules to include on cryptocurrency exchanges in the framework of the fight against money laundering and financing of terrorism», – said the press-Secretary of the Treasury.

«Currently the UK government is negotiating to amend the fourth Directive on anti-money laundering, which will lead to the introduction of cryptocurrency exchanges and suppliers of wallets in the field of combating money laundering and terrorism financing, which will lead to the fact that the activities of these companies will be monitored by national authorities. The government supports the introduction of these amendments. We expect that these negotiations will be concluded at EU level in late 2017 or early 2018,» – said economic Secretary to the Treasury Stephen Barclay speaking in the British Parliament in late October.

The intention of the Treasury to regulate the cryptocurrency comes amid reports of drug dealers in London, allegedly to launder money in cryptomath. Inspector Tim Court even called the devices «local drug dealers». Another servant of the order Gary miles believes that cryptomate was not created with the goal of becoming an instrument of fraud, but was taken in turn and are now used for criminal purposes.

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