Money Laundering: Cryptocurrencies

Treasury written question – answered on 19th April 2018.

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Photo of Adam Afriyie Adam Afriyie Conservative, Windsor

To ask Mr Chancellor of the Exchequer, whether his Department plans to review money laundering regulations to take into account the effect of cryptocurrencies.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government has committed to bringing digital currencies into the scope of anti-money laundering regulation. The Government anticipates that the Fifth Anti-Money Laundering Directive will enter into force at EU-level in summer of this year, with a transposition deadline of late 2019. This will be during the Implementation Period, and so the UK will transpose this Directive. These amendments bring virtual currency exchanges and custodian wallet providers into the scope of obliged entities. We will consult on any steps the government proposes to take to regulate digital currencies under UK law.

The Government has also recently announced the establishment of the Cryptoassets Taskforce, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority. As part of its work, the Taskforce will consider the risks of cryptoassets and the future responses of the appropriate authorities, including around anti-money laundering regulation.

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