Cryptocurrencies: Regulation

HM Treasury written question – answered on 8th December 2017.

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Photo of Greg Knight Greg Knight Conservative, East Yorkshire

To ask Mr Chancellor of the Exchequer, what assessment he has made of international efforts to regulate crypto-currencies; and whether his Department has any plans to regulate crypto-currencies in the UK.

Photo of Steve Barclay Steve Barclay The Economic Secretary to the Treasury

The Government has not made a formal assessment of the regulation of cryptocurrencies in other countries, though it is aware that industry has done so (for example https://bravenewcoin.com/news/icos-and-cryptocurrencies-a-rough-guide-to-global-regulation/) and, as with all policy, continues to monitor developments.

The Government is currently negotiating amendments to the 4th Anti-Money Laundering Directive that we expect to bring virtual currency exchange platforms and custodian wallet providers into the scope of Anti-Money Laundering and Counter-Terrorist Financing regulation. This will require such firms to conduct due diligence upon their customers, with their activities being overseen by national competent authorities for these areas. The government supports the intention behind these amendments. We expect these negotiations to conclude at EU level in late 2017/early 2018.

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