UK Wants Bitcoin to Follow Anti-laundering rules

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CBJ — The United Kingdom has come out in support of increased regulation of Bitcoin and other digital currencies by expanding the reach of European Union anti-money-laundering rules that force traders to disclose their identities and to also report suspicious activity to the appropriate authorities.

With demand for Bitcoin surging, fuelling a 1,000 percent rally in its value so far this year, the British finance ministry said it expected negotiations over changes to the EU rules would conclude later this year or in early 2018.

A top U.S. derivatives regulator plans to allow CME Group and CBOE Global Markets to list Bitcoin futures contracts, opening the door to added regulation.

Australia has also said it would strengthen its money-laundering laws by bringing Bitcoin providers under the government’s financial intelligence unit.

It’s unclear as to what action Canada’s finance ministry will take.

@CanBizJournal

 

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