As with all policies, the government keeps its policy towards cryptocurrencies under review. For example, Government has recently published its National Risk Assessment of
Money Laundering and
Terrorist Financing, which included an examination of the risks associated with cryptocurrencies. The government is currently negotiating amendments to the European Anti-Money Laundering Directive which will extend regulation to virtual currency exchange platforms and custodian wallet providers. These amendments will enable competent authorities to ensure these firms are mitigating the risks regarding money laundering and terrorist financing. We expect these negotiations to conclude at
EU level by early 2018, with a year for
Member States to then implement the Directive.