The UK government wants to regulate the cryptocurrency market, fighting against illegal financial operations such as tax dodging and money laundering, writes the Telegraph.
“We have clear tax standards for cryptocurrency market players. Like any other legislative framework, they are updated constantly. We are planning to oblige cryptocurrency trading platforms to comply with the legislative AML norms and take measures to fight against financing terrorism,” the press secretary of the Royal Treasury said.
Steps will be taken to oblige crypto traders to unveil their identity and report about suspicious operations. Today cryptocurrency transactions are run anonymously. According to the regulator, it attracts fraudsters.
“The new exchange format is spreading very quickly. We want to know that we do not lag behind,” the member of Labour Party John Mann noted, “It’s even more important when it goes about money laundering, financing terrorism, or trivial fraud.”
The ‘game’ under the new rules, which will be adopted by the whole EU, will start approximately in early 2018 or even in the end of 2017.
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