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Crackdown on Bitcoin in the UK on money laundering, tax evasion

The UK Treasury announced its intention to heavily regulate the transfer of cryptocurrencies in order to to suppress money laundering and tax evasion. The regulations have not been stipulated accurately, but will certainly include anti-money laundering (LBC) details and know your client (KYC).

The regulation is expected to come into effect before the end of 2017, or just beginning of 2018. The increase in regulation, in accordance with EU directives, aims to limit anonymity cryptocurrency traders. According to John Mann, one of the members of the Treasury Committee:

"These new forms of exchange are developing rapidly and we must make sure not to be left behind – it is particularly important in terms of money laundering, terrorism or pure theft, I am not convinced that the regulators are keeping up to date and I would be surprised if the committee did not no investigation next year.This may mean that we want to speed up the use of this stuff in our country, but it is all the more important that we do not have to 39, let's have no regulatory delay. "

Other Regulations

Other regulations have been threatened around the world, with the explosion of the Bitcoin price: the explosive adoption and massive influx of institutional capital via futures contracts and has other contracts, Bitcoin becomes a financial reality than it was before China, Russia and its countries made it clear that digital currency would be banned, while other countries like Switzerland and Malta seemed much more open .