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The UK Treasury will regulate Cryptocurrencies


The British government plans to impose strict rules on Cryptocurrency, in particular Bitcoin, to combat fraud, tax evasion and money laundering.The UK Treasury will regulate the use of the Cryptocurrency, as a result of which it falls under the law on combating money laundering and the financing of terrorism.

 A Treasury spokesperson said:

"We have clear tax rules for people who use cryptocurrencies, and like all tax rules, these are kept under review. We also intend to update regulation to bring virtual currency exchange platforms into anti-money laundering and counter-terrorist financing regulation."

The remarks were quickly publicized on mainstream media as a 'crackdown' on cryptocurrencies, whereas the truth is closer to the expected course of regulatory acceptance of decentralized cryptocurrencies by ensuring trading platforms play by regulators' rules. 

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